Bounce!! or another sucker rally?!

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!!

Can Banks Rally more than a week with C, BAC & JPM's CEO non-sense??!

3/13/09

Technically, Banking stocks are losing bullish stream today. I would expect they all going low on Monday. Would market can go higher without financial?! We will see next week.

Hourly Chart of S&P in Fib retractment

3/13/09

S&P is still in uptrend mode. Bulls are still above water. Expect to see strong resistance level around 50% to 61.8% (780-790). Next week we have Federal Meeting at 17th Tuesday. We will see what's next. By the way, I am testing to show other chart version here(I am not too familiar with this version yet!) It is free and the site is "www.bestfreecharts.com". Go try it out everyone and it is totally free realtime online chart.

Happy Bulls 3rd day in a row!!

3/12/09

Yeah!! This Bulls do have legs. S&P closed at 751. It is going closer for Bears come out. Next strong resistance is 780.

This is just a short term rebouce, no intermediate bottom yet.

3/11/09

There is not too much follow though action for stock market today. But all major indexes are able to close in little green territory. It is like continuing consolidation day. I do expect more up legs move.

Dow Roar 380 points and S&P shoot up 5%

3/10/09

Finally, Bear market super oversold rally is reached its max power today as Dow finishes 380 points and S&P rally 5%. Even though the prevailing view over the last few days has been that stocks simply won't go up ever again, today's 5%+ rally has investors once again asking if this is the bottom. Before getting too far ahead of ourselves though, we would note that today's gain is the eighth one-day rally of 5% or more since the S&P 500 peaked in October 2007, and we're lower now than we were at the close of any of those seven other days. We know the same routine by now, correct?! So let's see if the bulls has legs tomorrow. However, as you can see above charts, there has resistance everywhere so it would not be easy task at all. Remember and realize that today's rally is not because of Citigroup has a profit. Yeah!! Profit excluding what?! Who know?! Pandit did not say. Short sellers are using this excuse to covering their huge profit. Yummy!! It is technically very oversold as I kept saying for last few posts. I need to see follow though day to confirm if we got the intermediate term bottom insight. By the way, I expect there has minor pullback and resume the bullish movement in the tomorrow morning. Keep read my blog often and see.

Sorry. No, last week wasn't the "Bottom" !!

3/9/09

Umm,..anyone? Anyone who called the bottom last week turns out to have been wrong. Again, they are damn wrong again!! Yes, there is some strength in the financial sector today but the broader market still sold off. All major stock indexes are officially closed new fresh Bear Market lows. I show the 60 mins S&P chart above. Folks, see how nicely market is going down to drain in perfect downward channel. Every time market hits the upper trend line, market would fall. Every time market hits the lower trend line, it get bounce. Hey, who said technical does not work??! Tehnicans are making your losing dime!! Bottom line. No intermediate bottom. No confirm follow though day formation yet. It seems President Obama should shut his mouth and no show on TV since he does a speech on re-active "stem cell" policy. However, I am laughing loud that it seems to me new "Stream Sell" for Wall Street.