Handsome Jame (Falvo): Today’s Market Commentary Tuesday February 10, 2009

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Today's Market Commentary Tuesday February 10, 2009

Not much to write about the last 2 days. The last 2 days have been scalp days with the indexes chopping around until the Treasury announces the banking plan today, and then later when the Congress does a final vote on the spending plan.

David Elliott expects a fairly tight market range until the announcement or until the news of the plan is leaked.

We are at a major SP-500 resistance (the daily 50sma), so any negative perception of the plan would give a sell failure of the 50 SMA.
A positive perception would have to have substantial volume and price move to overcome this resistance level. [...]

Tickers: QQQQ