(The is a re-post of the missing blog from Feb 25th, 2009)
The recent trading range is being tested to the downside. Among further talk of bank failures in Europe and North America, the selling on Wall Street continues.
Because this a re-post and not the original post (lost somewhere) I will keep comments to a minimum.
Traders should look to go short on a move in earnest through the fall lows at 73.74 on SPY. Should that trade occur, place you stops just above the high of the range at or just above 94.95.
Since the 13EMA is well below the 30SMA, investors shouldn't even look at the market. We are very much in a bear market with lower price expectations for the future.
That's all for this re-post and lets hope next week's blog isn't lost,
Brian Beamish FCSI
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