Wednesday, February 27, 2008

A MOVE TO THE UPSIDE

After moving sideways for days, the S&P 500 is finally out of its symmetrical triangle.

I've been bullish since Monday and will continue to be for the rest of this week. With Google and Apple being hit earlier this week, I'm surprised the markets have been doing so well. Due to their price and volume, a lot of strength is needed to propel the NASDAQ up from a negative Google or Apple (bullish indicator). However, we did not hang on to our gains today so this worries me a little. Nevertheless, I think there's still room for some upside before we head lower. I expect the S&P to test the 1400 mark again...remember, there's a lot of resistance at this point, so unless there's fantastic news I wouldn't bet on a further breakout. Inflation is exceptionally high right now, so if Bernanke does continue to cut rates that's not exactly good news for the economy.

Note: I am still holding NYX, I did not sell my shares before Tuesday like I said I would.

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