Wednesday, November 28, 2007

Bull Market

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Great last 2 sessions – see my mid-term report two days ago.

Overall, based on the index charts I track (NASDAQ 100, S&P 500 and DJI) my mid-term out look is bullish. I would expect to see tomorrow more up.

So far I see nothing that can stop the up-move, unless we will face something like on August 6, 7 and 8, when the indexes rallied up for 3 sessions in a row and then dropped even further. At this moment, many of the technical indicators look like they looked on August 6-8. However, 12 day VIX (volatility index) is dropping – it was rising on August 6-8, and average 5-day volume is dropping as well – it was rising in August 6-8. Those two indicators make me feel more optimistic and assume that the odds are on the up-move side.

I’ll try to post an extended report based on the index charts I track during the weekend.

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