3/13/09
Bounce!! Short covering rally mode is on on fire!! Stock market got its nice technical bounce since last friday freah bear market low at 666 for S&P. Now, will this bullish continue its course? Is this for real rebound or another sucker rally?! Everybody has this question in head!! I now answer your question. My opinion is this is another sucker rally. Market is about to reach their convergence of trendline, fib retracment, and moving average strong resistance zone. I strongly doubt the market can breakup this strong barrier. The zone I highlighted in above chart is clearly showing how next resistance locate. Be careful if you are bulls. For Bears, wait and reload your gun. The market is getting closer to too overbought for large reversal move. It is now waiting the excuse to resume the Bear Move. Lots of good stocks are in red zone to be shorted. Good luck if you still hold your sucker!!
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