Thursday, February 14, 2008

TOO MUCH RESISTANCE

What a turn in events. The market as a whole looked bullish yesterday, we ended the day right at resistance. There appears to be a higher low, another sign that things are looking good. However, we were unable to break 1370 in the S&P today; therefore, it's unlikely that we will get a higher high. News this morning didn't look promising so I decided to go against the market and pick up some QID. Since we didn't break the 1370 resistance today, we are still stuck inside the symmetrical triangle. I suspect that we will end the week in the negatives but keep in mind that a symmetrical triangle means that this market could easily swing to the upside or downside, so keep stop losses in place.

The chart I detailed below has more on why I think we are still in a bear market.

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Edmonton, Alberta, Canada
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