Monday Market Momentum – Still Down

But just how good have our index bounces really been so far.  While we had a pretty exciting session on Friday the voulum on a 0.34% up day on the SPY (see Dave Fry's chart) was only 1/2 what it was on the 0.64% drop on Wednesday.  As Dave notes: "They don't put volume on your brokerage statement, but…."  As to our bounce lines - not too impressive:

• Dow 14,960 (weak) and 15,120 (strong)
• S&P 1,658 and 1,671
• Nas 3,620 and 3,640
• NYSE 9,420 and 9,500
• Rut 1,020 and 1,030

The Dow couldn't even put a good day together on Friday and finished off it's third down week in a row failing to take back the 200 dma at 15,100 while the S&P tested theirs at 1,635 with AAPL and MSFT giving the S&P and Nasdaq most of their lift as well as TLSA, which flew up to the $160 level, putting the short-sellers into a bunker mentality. 

Durable Goods this morning is likely to put the longs into a bunker as they should be trending much lower – based on the indications we've gotten from earnings reports this quarter.  It's just part of some very negative news-flow I've been warning you about and our weekend reading did not do anything to make us more bullish, unfortunately.  

IN PROGRESS