The Lilly Pad Report
July 17, 2007
In todays action the market appeared to be losing some of it's momentum. we had profit taking twice in the day. Kind of getting skiddish when there is a technology thrust. Of course the media didn't help with all their hipe over a new DOW record. However we don't have any good entry points. So, it's sort of a capital preservation mode. The S&P appeared to be consolidating gains, but resistance was indecisive. Small caps are starting to struggle at resistance, noted by todays candlestick which was a gravestone.
The charts indicate that we are overbought. The Bollinger bands are widening which could mean increased volatility, and pricing is at the top of the bands. The Slow Stochastics is well within the overbought range.
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