22 AUG 2011, Monday (AM)

• Just for grins...above is a weekly chart of SP500.  Even the weekly is below all its MA's.
• But, if you want to see why I respect the 90 day MA you can look at the blue line in the above chart which is the 20 week MA or roughly the 90 day MA.  Draw your own conclusions.
• Market is getting oversold again but that in itself doesn't mean it's a buy.  Nothing goes in a straight line.
• Really not much to say still.  Volatility remains high permitting only some light trading and not much else for me.