Without Willing Participants This Correction Is Going To Be A Slow Decline

March 22nd, 2012
in Gary's blogging, market close

The DOW did fall close (13017) to its support (~13008) early today as expected and revisited it again shortly after 3 pm. The 500 lagged behind never going below 1388, but a just short distance away (13 points) from its support. Buying of the dip commenced shortly after the DOW touched its low for the day for the second time and under light volume reached 13062.

I would not give much credence to the rise finagled by the algo machines and DaBoyz this afternoon, but, a corrective rise tomorrow would be one of the possibilities to cover the gaps made during the fall in the premarket action today.

Rule nothing out and keep your cash close to your vest. I can see the that the wily, 'oh-so-wired predators' or 'Five-Fingered-Financiers' who work the night shift, still have work to do in cleaning out some more wallets.

The WTI is steady at 106.85 which is near its lows in late February, Brent is also steady at 122.52 well below its highs in March 2011, GLD which as risen from yesterday is at 159.9 and SLV is at 30.50.

@dailyfx: “A turn is a turn, but this is a slow burn for the S&P 500 correction. At this pace, you won't be breaking 1375 this week. “

The 500 at the close.

The DOW at the close.

The indexes at the close.

In case you did not read my midday article this afternoon, I will be taking a vacation day tomorrow, Friday the 23rd and back on Monday the 26th.  A short interlude that my wife feels necessary for my sanity.

Written by Gary

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