Wednesday, April 1, 2009


Which way does the market want to go? Today's action fit the typical profile for April 1, but with generally light volume. The pattern however is giving mixed signals. Either the correction resumes tomorrow, or we are heading for a breakout. I am prepared to go either way with limit orders for a potential pullback, and stop-limit orders for a breakout. In an ideal case, I will get filled on both. Overall, the action is exceedlingly bullish. The market was saying loud and clear today that it doesn't care about the upcoming Employment Report, which most know is a lagging indicator anyway. It is possible that we trade in a tight range for another week or so as well, which would also be bullish.

Potential upcoming turn dates are 4/7 , 4/14 and the period 5/19 to 5/30.

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