Thursday, March 29, 2007


Today was a strong reversal day in the markets. We has a strong gap up open followed by a sell off that lasted until the final 2 hrs of trading. From there we had a strong rally into the close. The final hour or two are the most important and judging by todays action I think we continue moving higher.

The chart shows, the Dow bouncing off the area from where it previously broke out. ( Around 12,300). The same is true for the Nasdaq and the S&P. The sell off till the final hours offered a very safe long entry point. I believe in the coming week we will test the previous highs ( Dow 12,511 , Nasdaq 2,460, S&P 1,440) .

On another note Bernanke is scheduled to speak tomorrow. Considering he failed to trigger a rally last time round, maybe this time he'll be more successful.

Dell shares drop in after hours on reports of accounting 'misconduct'. Define 'misconduct' ....

Oil prices continues rising amid continued tensions in the Persian Gulf. Are we going to finally get to $100 per barrel ? That could be the dagger in the heart for market bulls.

Economic growth expected to be subpar. Where's Goldilocks ? Hello ! Anybody !

No comments: