TCM Notes : 5/22/09

• Missed yesterday's post, but it would have said there was distribution in Wednesday's session. As for Thursday's it saw no distribution as the volume was too low. The fact that Standard & Poors would even try to jigger around with Britain's or quite frankly the US's AAA credit ratings is bold. So bold in fact it may just come back to haunt them if they roil the markets with their "assessments." Anyway, the count is 4 for the Dow and Nasdaq, 3 for the S&P 500, and 2 for the NYSE composite as far as selling goes. We still have major supports at retracements that would be appropriate buy levels as far as value is concerned. We'll revisit this after today's pre-holiday action. Don't forget that although this is selling it's low volume selling. SP500 still has ample support levels that a too heavy directional short trade may result in a major stop. The PPT pumping trades through Goldie and JP will blow out your stops if you don't time it just right. If Mr. Market shows us he wants to retest those lows then we wait. In the mean time we buy moving average and retracement level support. The 23.6% retracement has been good so far. It corresponds with a strong 5/4 gap up day. Around 882. It's right at the 200dma.
• 2009 Rally TN Moto in Linden, TN. Wonder what this will be like. Team HTI running the 640 KTM.