The 13 EMA on the broader index ($SPY) is still a road block for the bull’s journey higher. September 19 was the last time the SPYders were above the 13 EMA. The ETF was also trading at $124 a share compared to $96 a share today. Not knowing if there is a bottom in place
Rally ho!
Today’s price action, along with Friday’s, should give you an indication of just how beat down Wall Street is. On Friday we had the news of President-elect Obama’s choice for Sec. of Treasury, Timothy Geithner, and the markets rallied late in the day to close up about 5%. Over the weekend, Citgroup is saved by