Sentiment change

3/13/08

Gold future is trading above 1000 mark today but close at 993.80. On the currency side, EUR is making new fresh highs and JPY is breaking 100 level since year 1995 against USD. As my previous blog indicate, the DOW did open below 100 points and keep rolling down to Tuesday lows 11880, then retrace back to 12200, final close at 12145. Despite the worst retail sales number, market still could hold on that what bulls want because it proves the market sentiment has shift since Tuesday rally. Next strong resistance would be 12300, if DOW could breakout this level then watch out the 12500. I would assume CPI would be worst than estimate but market still could hold steady or even slightly upward. It is just tomorrow is friday, traders may not keep pushing upward til the close of the market.

These are the sectors has testing last summer lows, 1/2008 lows & recent lows and they are still trending upward. These are Energy, Agriculture, Mining, Metals/Steel, Food & Utility. One of the stock I like is CALM in Food sector and most likely it will breakout to 52 weeks highs very soon. Good luck trading. Market sentiment change upward and bias is up for short term(1 to 3 days at least).