Monthly Archives: October 2009

Proof but no Pudding

Futures rally on better than expected Q3 GDP (3.5% vs. 3.2% median estimate). Is this enough to stop the current retracement? There will be an early morning pop, and the markets won’t take long to reveal which way they are headed. If the early morning gains are not sustained, SPX will retest 1000. Yesterday, NASDAQ closed below 50 day moving average on 120% of 10 day average volume.