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Pastimes : The Philosophical Porch

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From: Rarebird	3/4/2010 8:52:47 AM
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Transcendental Market Truths (Fragments): The Market: Despite relatively good news yesterday, it was clear that sellers were beginning to dominate buyers, especially in the tech sectors. The Semiconductor Index showed weakness all day, ending 0.91% weaker than the SPX. NDX underperformed SPX most of the day, but eked out a meager outperformance of just 0.07% by the close. Weakness in these two leaders tends to presage a market correction. The broad market indices, however, continued to show strength, but that faded considerably by the close. Unless something very unusual happens, I expect to see continuing weakness here. The common stock only advance-decline line on the NYSE reached to a recovery high and consequently I expect to see higher highs in stocks until at least the middle of May, if not the end of August. EUR/USD: The market seemed to get a boost from strength in the Euro. But, this is just a temporary oversold bounce in the single unit. There is channel resistance at 1.374 and 1.384. I have not changed my view: Euro is going to parity with the dollar. Rallies in the Euro are selling opportunities in EUR/USD (correspondingly, buying opportunities in EUO the short ETF for EUR/USD).

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