Wednesday, July 15, 2009

7/14 - Market Says (stage 2)

Dunno when..but eventually...stay long for now...


SPX - slightly above resistance...more to come


SPY - bullish but overbought still


DJIA - resistance holds


COMPQ - resistance above...clear for another day of rallying


RKH - resistance


OIH - think the next move is a move to 30ema


VIX - broke support...SPX bulls love it


ETFs - financials only laggard


HEAT - bullish mix


Analysis: Hard to say if this is the end or not...charts are telling me that we can have hit the top of the pullback here...but other signals, especially VIX is telling me that we got more to go....this market definitely doesn't want to make things too easy and so i have a gut feeling that the obvious reversal points will not work out for chartist...the best surprise the market can do is to go higher for a few more days and then hit the market hard on monday or tuesday with some big news coming out from somewhere...but definitely think we are going lower...

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