4/2/08
Today, Bernanke said outlook of US economy is going through a very difficult period and so the Dow close in negative territory 48 points. It seems the April Fools rally has ended. Technically,
major indexes are made star candlestick pattern as the VIX is boucing off the 200ma mark. In addition, Dow indexe has touched the upper band of bollinger band which indicate the upside rally should ended here. Tomorrow action would confirm this could be the top of this recent Bear market upside rally. After market today, Rimm posted strong earning and one of the solar stocks LDK get a big contract that push the aftermarket higher. Let see what is the opening of tomorrow market!!
If Dow open at above 100 points tomorrow, it would be very bullish and likely test 12750-12800 level. Otherwise, sideway action with bias downtrend is in play. (Personally, I think market would go down tomorrow)
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