Sorry for the late post but I got caught up watching baseball among other things. We got our oversold bounce today. It was helped along by the better than expected GDP and probably by some month-end and year-end mutual fund buying. It was a broad based rally but volume was disappointing relative to yesterday. Still, the market remains oversold and I have to assume the path of least resistance is up (or sideways) in the very short term. We have a Federal Reserve interest rate decision next Wednesday, so that will likely be the focus in the coming days.
Some upgrades today...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Lat(+) | Up(+) | Down |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
What a reversal.
Looking forward to Mike's take on today's action.
Your blog and comments are far greater useful than any other blog.
Keep up the good work.
Thanks & Regards,
Jayson.
Yeah I like this place too. Thanks and keep up the good work. It help me tremendously.
You're welcome & I appreciate the feedback. I just wish I could say that I saw Friday's drop coming. What a wild week that was.