Friday, March 6, 2009

3/6 - Market Analysis (stage 1a)

SPX - still downtrend


SPY - resistance holds


RKH - support from downtrend?


USO - need more confirmation to be bullish


UUP - strong resistance


GLD - liking it up from here


VIX - side


A/D - quite even


ETFs - health leads? hmm...


Heat - quite even...


Analysis: today was turning out to be a beautiful bearish day...but then in the last few minutes of the trading week, we got a strong push to bring us back to even...but when looking at the charts, the spurt up did nothing to the downtrend...my evaluation of it is simple profit taking from bears...much like the wednesday dead cat bounce day...i think we will continue to fall...but since we are way oversold like how everyone on cnbc keeps telling us, stops are tight and bullish watchlists are made...energy and commodities definitely seems to be the next leader if we are to rally...

No comments: