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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: gastrodoc who wrote (34584)	7/5/2012 10:09:32 PM
From: GROUND ZERO™	Read Replies (2) \| Respond to of 222266

This market just looks soooooooooooooooooooooooooooooo over bought, but this market is also behaving very nicely after reaching a cluster of VPs... typically, upon reaching a single major VP, the market would react quickly and sell off and stay down... this didn't happen, it hardly sold off, not yet anyhow... and this isn't one VP, there are several major VPs right here and this market is actually hovering above them... so, these VPs have been able to stall the rally and not do much more than that... I have to consider this as very bullish... I think a bad number tomorrow will actually rally this market because then the market would look forward to another QE... conversely, a good number could actually break this market... and then rally later on in the day or next week... Normally, I would be short right now, but I don't want to be short in this market environment, not with the way it has been behaving... I would rather stay long with 1/2 my load and ride out any sell off rather than miss the rally which I fully expect to resume soon enough... Actually, by looking at the SP chart, it looks like to 20 EMA crossed above the 50 EMA today... but it doesn't matter whether you use the simple DMA or the EMA, the 20 for both crossed above the 50 today... The EMA barchart.com The DMA barchart.com GZ