TCM Notes : 8/7/09

• Volume came in lower on Thursday's dip except for the Nasdaq. Nasdaq handed in another distribution day making it 2 in 2 days. Not enough to end a rally, but definitely enough to raise an eyebrow. While some may want to sell these markets short at this level in order to play the pullback. I think more risk is inherent in that strategy than simply sitting on your hands until support levels are approached. The trick will be to not change views as the market starts a corrective phase ie: the head & shoulders hullabaloo recently transpired. The rest of what I would point out is in the shared items to the right. Waiting on the job numbers.