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Tuesday, May 5, 2009

How Far does this bull run? Part Deux

For the last week or so, I have been pontificating on the market turn around that hasn't come. At this point, I am concerned the market will move in a straight line up to penetrate the 200 DMA. I also pontificated (a Happy John stolen pontification) that the market indexes will move back to the 200 DMA. This original pontification was on April 21st, here is is two weeks later with no end in sight to this bull market. Back in April I drew a resistance trend line, at that time I thought that the market would move its way up eventually hitting resistance line in the summer. This still may be the case, but as the market climbs, it maybe in the cards to hit the resistance line sooner.

I said nothing moves in a straight line. Well 8 more days of this and the market will prove me wrong. Also keep in mind next Saturday is options expiration, which historically has played a critical role in market direction change.

Updated chart below.
From WebSurfinMurf's Financial Blog

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