INDEX UPDATE
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As previously indicated HK, SPORE, MALAYSIA were CLASS 1 BUYS to obtain at the low yesterday. Basicly Asia right now is up across the board, with the exception the JPN is down slightly (.18%(27 points)).
HONG KONG - UP 4.25%
MALAYSIA - UP 3.47%
SINGAPORE - UP 6.11%
TAIWAN - UP 1.12%
kOREA - UP .29% (Korea is already 23% above its recent lows and should
start pulling back soon)
If the Asian market does not retrace current gains, such should help out markets tomorrow. Wonder what the futures are doing?
MOTOROLA announced earnings slightly below expectations. MOT was a CLASS 1 BUY to obtain at the low today. In light of such feel that
if those numbers are interpreted by the street as only slightly bad then the technicals should hold it from dropping more for the short-term. If the street interprets those earnings acceptable, MOT should be up since the technicals are so low. I will leave others to comment on street's expectation.
Today's performance was a major reversal. Many will only consider it a slight reversal since it was only up 66 points, but technically it was very strong. The DOW reversed 200 points off its bottom which is one of the more powerful reversals in a single day.
Well, the question now is how much higher. I try to shy away from setting targets, but will say that it should be up 1-2 more days, and tomorrow may even be a big up day.
If tomorrow is up big, I believe that the TECHNICAL DELAYED DIP will start pulling back the market on Wed/Thur. For the Technical Delayed Dip to occur, tomorrow needs to be a strong up day(75+ points).
Happy trading |
