1/21/09We have a rally and the bulls were able to keep the upside hope into afternoon session. The S&P poised to breakout above its January downtrend and also close to 855-860 resistance band. Let's see if the news flow will allow that breakout to happen.
The other chart is showing Apples stock which will definitely be the stock of tomorrow. It was up about 8-9% after market hours on their upbeat earnings and guidance. However, the bulls probably have 2 to 3 days of playing around in AAPL before it resumes its downward movement.
The last chart is one of the banking giant which is BAC. It does due for a dead-cat bounce. But it is still within a steep downtrend. Most of its gains today were due to news of CEO and senior executives buying the stock. Remember, Wachovia's CEO did last year when he loaded up on their stock right before it tanked big. Good luck to those readers doing bottom fishing on those so called "cheap" banking stocks.
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