Monday, November 23, 2009

Midday Briefing for November 23rd: Reversal

What started out looking like a trend day to the upside in stocks (top chart) faded out, as the dollar strengthened vs the euro (bottom chart) and Aussie dollar and commodities beat a hasty retreat.

Interestingly, however, we still have over 1500 more advancing stocks than decliners, as we remain above Friday's close. The reversal sets us up in a wide range between today's high and Friday's lows: a range that may hold if trading slows down during this holiday week.