Hope You Had an Airbag!

05/07/2010 9:48 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

Having seen all the prior crashes back to the early 80's, I am sure of only one thing: Today will be in the record books! Many traders were wishing they had airbags that day. I don’t think this was a trend changer, as the strength of the market internals indicates that the rally from the 2009 lows is not over. The NYSE Composite has now tested the support from the last eight months. The A/D has dropped, but is still above the short- and long-term trend lines. I will be on the sidelines today.

Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.

Related Articles on STRATEGIES