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Post Market Analysis, Thursday December 3: Late Day Sell Off

December 3rd, 2009 Leave a comment Go to comments

Stocks sold off late in the session on some negative comments from President Obama about economic recover and the unemployment rate. He is right, but I am not going into that here. The S&P 500 (SPY) finished down .78%. The Dow Jones Industrial Average (DIA) closed down .85%. The Russell 2000 (IWM) and Financials (XLF) showed relative weakness today finishing down 1.22% and 2.05% respectively. The Nasdaq (QQQQ) showed relative strength today, down .41%. The VIX spiked up 6.34%. The TICK and TRIN both corroborated the bearish move today. The dollar (UUP) finished up .05% and gold (GLD) closed down .4%.

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On the daily chart of SPY we are still holding up in our high base range. Keep in mind that one day does not make a trend. If this is going to be the next down leg, we need to see more volume and continuation to the downside.

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