Sunday, January 30, 2011

Reversal day in the SPY, intraday new high but close below yesterday's low on heavy volume

Neither the Fed's POMO nor Amazon could save the market today. While some point to the low 3.2% growth in U.S. GDP, its more likely the bids simply disappeared for one full day.

QQQQ did the worse down 2.5%, IWM down 2.44%, and the was SPY down 1.75%.

In contrast to yesterday's action, only 46 new 50-day highs.

AMZN down 13 points to 171 after missing guidance from yesterday afternoon.

However NFLX still squeezing the short sellers up another 3.3% to 217.98, another 52-week high.

OIH close to a new high up .26% at 150.41. There's civil unrest in the nation of Egypt. It's going on six days now and there's your catalyst for higher oil prices.

Other Oil movers include CRR up 3% and COP up 1.6%.

Get some early sleep, you'll need it for the coming week.

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