Softechie, I'm getting short-term bullish also. I'd say go long with a buy-in at tomorrow's lows. Here's why:
1. Major market indexes (DOW, SPX, OEX, COMPQ, and NDX) are at or approaching oversold on the 60-minute charts.
2. Major market indexes (DOW, SPX, OEX, COMPQ, and NDX) are at or near support. Note that NDX & COMPQ have pulled back to their former resistance which is now support. SPX and OEX have pulled back near resistance in rectangle patterns that they have trace out over the last 15 days. Dow has support at 10,300.
3. BKX (Philadelphia Bank Index) held support and rallied today.
4. Declining stocks lead advancers by a wide margin today. A final flush tomorrow may take the daily advance/decline line to an extreme level that is typical of a short term trend change.
5. The major market indexes always rally into the FOMC meeting.
6. There is generally a short covering rally before the FOMC meeting.
7. The major market indexes generally rally into the end of month and end of quarter as mutual funds mark-up prices.
8. My secret, proprietary, sure-fire, never-wrong indicators say we rally. <ggg> (Item #8 is a joke)
9. Just ask OJ!!! <ggg> |
