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31-Jul-08
Market Updates (31 Jul ‘08) - Finally a unified action of all sectors , Commodities a strong reversa
Market Outlook
Market Trend: (Short Term)
UpTrend
(Buy stocks out of downtrend line and Short the Downtrend stocks only)
UpTrend Sectors :
Energy, Commodities related, Financial related, Health, Transportation
Homebuilders, Industrials, Retails & other consumer discretionary
DownTrend Sectors : None
Crude oil prices were up but market stay up ?
The market was up while Crude oil prices made a strong comeback ! This is a signficant action as market was able to look objectively at the stock prices based on earnings rather than on volatile oil prices.
This unusual relationship make it hard for any swing traders to stay with their trade. The earning seasons came at a right time !
It has been a long time that all the major sectors were able to move up together. This was what the market to substain a strong rally.
I will still keep my comments short waiting for the key GDP numbers today.
Regardless of the numbers, I am still slightly biased on the uptrend as the oversold commodities/energy stocks(C.E) will fired up the buying power for the market regardless of the numbers.
Remember the March bear market rally was fired up by the overbought commodities !
A key reversal day for commodities
C.E stocks were undoubtly oversold with the high volume selling the past few days. Yet we could not see the buying power to mark the reversal.
Today action was that key reversal buying we wanted for the C.E stocks.
Posted at 01:55 in Market Report | Permalink | Comments () | Top
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