Market Musings and Trading Plan for Feb 1, 2007
Market trend:
|
|
Hourly |
Daily |
Weekly |
|
S&P 500 |
UP |
UP |
UP |
|
Nasdaq |
RANGE |
RANGE |
UP |
|
DOW |
UP |
UP |
UP |
Market Watch:
So we had a strong up day today, across the board. It has put the indices in a better bull position but not clearly so. It won’t be so until the previous highs are taken out. Today was FOMC day and who knows if this was just a knee jerk reaction by the market. What matters more are the happenings of tomorrow. We would like to see the indices gain some more and come down a little before we take long positions
SPX: SPX is struggling to maintain its uptrend. It needs to take out the last swing high to be strongly bullish. And today was not the day. We will wait a few more trading sessions and see what happens before initiating new positions.
COMPQ: COMPQ seems to have been range bound for ever. And ever. And today was no different. The strong up day brought it to the upper edge of the range. Can it take it out? And stay above it? Only time will tell.
DOW: DOW’s uptrend also seems to be losing steam. And is almost getting to be a trading range. We need to see it take out previous swing highs and then pullback a little before entering new positions.
Industry Watch:
Industries in play: None
Free Stock Picks:
None
