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30-Jul-08
Market Updates (30 Jul) - Market resume its uptrend
Market Outlook
Market Trend: (Short Term)
UpTrend
(Buy stocks out of downtrend line and Short the Downtrend stocks only)
UpTrend Sectors :
Financial related, Health, Transportation, Homebuilders, Industrials, Retails & other consumer discretionary
DownTrend Sectors :
Energy, Commodities related
A short term reversal in place
Market make a point to stop its consecutive selling days with a rather convincing higher volume reversal. DOW was up 266 points forming a nice bullish engulfing to signify that market is interested to go up.
The earnings have been rather good taking expectation of the high energy costs and financial crisis. Thanks to globalization. If we do get a positive US GDP number, it might paved the way for market to go higher for the next few months.
Oil stocks continued their selling with a lower crude price while the rest of the commodities (esp Coal and Steel) are showing signs of buying with better earnings coming out.
Until the oil stocks clear the majority of the buyers who attached their value to crude price, they might continued to go down. It might only be possible when Oil crude prices bottomed.
I have mentioned that commodities are likely to exhaust their selling with the last few high volume selling. All we need now is a rush of buying power to break their downtrend line and we will have the real leaders pushing the market up.
The current leaders on the move are health and biotech stocks. Many of their A class earning stocks are making new highs. So catch on their dips while you can ! They move real fast.
Posted at 00:30 in External Blog | Permalink | Comments () | Top
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