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Thursday, May 21, 2009

The Bull keeps trying

I am starting to convince myself we will see the SPX hit the 200 DMA. But who knows, people could start buying seeing another rally that just doesn't materialize.

In any event, I am NOT adding to my shorts here. There will be plenty of time to do that when the market rolls over. What is driving this market up? One possibility is natural resource stocks, they are soaring, GDX hit over $40 a share today! Gold miners are on FIRE! See The Smart Money tracker for his comments on gold miners. Oil is doing great too, as well as food. (RJA ETF) At some point however, the rest of the stocks can't do well with rising costs (resources).

Even though the market is down, don't count this bull out yet! Not until time passes by the intersection of 2009 high, 200 DMA trend line, and bull trend line.

From WebSurfinMurf's Financial Blog

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