Kamis, 21 Mei 2009

Technical Picture - Pressure

Markets gapped down on the open with steady pressure noted into mid-morning. The midday drift and new afternoon lows were met with muted interest so the bulls were able to able to put together a late day reversal with higher volume into the close.

Gold extended its BO gains as the $USD continued its slide. Commodities, many of which were extended, came under pressure, carving out evening star reversal patterns - agchem (MOO), steel (SLX) , coal (KOL). Financials held up fairly well.

No economic data tomorrow ahead of the long weekend, so it could be a slow day. ADSK - big earnings beat in after hours will be on my focus list tomorrow.

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