{"id":5404,"date":"2011-06-09T19:22:28","date_gmt":"2011-06-09T23:22:28","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=5404"},"modified":"2011-06-09T19:22:28","modified_gmt":"2011-06-09T23:22:28","slug":"t2108-update-110609","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/06\/09\/t2108-update-110609\/","title":{"rendered":"T2108 Update – June 9, 2011"},"content":{"rendered":"

(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. To learn more about it, see my T2108 Resource Page<\/a>.)<\/p>\n

T2108 Status<\/strong>: 31% and Neutral.
\nGeneral Trading Call<\/strong>: Continue covering shorts. Identify longs for buying IF T2108 gets to official oversold territory at 20% or below.<\/p>\n

Commentary<\/strong>
\nToday’s obligatory bounce from oversold conditions outlasted a rush for the exits into the close of trading (Monday’s obligatory bounce was completely faded after Bernanke started speaking on the economy<\/a>). Despite the decent bounce in the S&P 500 (0.7%), T2108 only increased two percentage points to 31%. This is a potential warning sign that buying interest is very limited and even tepid. This behavior supports my caution that an oversold bounce is likely to be short-lived until T2108 gets to its oversold threshold of 20%.<\/p>\n

The next key is whether today’s bounce can get follow-through tomorrow along with stronger buying interest. Given the lingering “risk” of such a move, I am not recommending initiating any new shorts. If the follow-through does not occur, I will be more convinced that T2108 is heading to 20% before its next trip to overbought levels (70%). This risk prevents me from recommending any new longs.<\/p>\n

The trading call remains the same given the marginal change in T2108 and the balance of upside and downside risks for short-term trades.<\/p>\n


\nCharts below are the latest<\/strong> snapshots of T2108 (and the S&P 500)<\/em>
\nRefresh browser if the charts are the same as the last T2108 update.
\n<\/p>\n

Daily T2108 vs the S&P 500<\/strong>
\n\"T2108<\/p>\n

Black line: T2108 (measured on the right); Red line: S&P 500 (for comparative purposes)
\n<\/center><\/p>\n


\nWeekly T2108<\/strong>
\n\"Weekly
\n*All charts created using TeleChart:<\/strong> <\/a>
\n<\/center><\/p>\n

Related links:<\/strong>
\nThe T2108 Resource Page<\/a>
\nExpanded daily chart of T2108 versus the S&P 500<\/a>
\nExpanded weekly chart of T2108 <\/a><\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long SSO puts<\/p>\n","protected":false},"excerpt":{"rendered":"

(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. To learn more about it, see my T2108 Resource Page.) T2108 Status: 31% and Neutral. General Trading Call: Continue covering shorts. Identify longs for buying IF T2108 gets to official oversold territory at 20% or below. Commentary Today’s obligatory bounce from … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[135,62],"tags":[65,226,1597],"class_list":["post-5404","post","type-post","status-publish","format-standard","hentry","category-stock-market-trading","category-technical-analysis","tag-sp-500","tag-t2108","tag-technical-analysis"],"yoast_head":"\nT2108 Update - June 9, 2011 - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2011\/06\/09\/t2108-update-110609\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"T2108 Update - June 9, 2011 - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. 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