an tSionna 01.12.09

Revisiting the moving average theme we discussed over the weekend. This chart however is of the SPY. It's pattern is similar to the what we previously showed. As I suspected the markets have rejected the positive cross in its short term moving averages. We have simply moved back into the trading range we've been in since mid-October. Market showing signs of not being ready for any major sort of advance although probability does favor better entry points as we get closer to the bottom of this price range.

*Long various ETFs related to the S&P 500.