Cubes and Market Update

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Just a quick post to note the recent action in the Cubes. Most notable is the series of lower highs and lower lows marked on the chart.  Also important is Friday’s gap below the 50-day EMA and subsequent close (1) near the day’s low, (2) on high volume distribution, and (3) at a new low for the move.  It should be noted that last time the Cubes gapped below the 50-day EMA — see the last trading day of 2005 on the chart above — they, and the market, staged a 7-day rally.  We will see what the coming week brings.  Cheers!

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