Market Analysis and Forecast 2009May11e
Buying dips?
Are you still think that markets will straight shoot up to DOW 9000/10000 and SPX 900/1000 without a meaning correction; hence, still buying all dips? Buying dips has been effective, so far, as markets have rallied 30-40% since the 3/6/2009 low. However, taking profit would be a good idea as many stocks have rallied over 100%
SP500: 900 /880 /850
DOW: 8400/ 8250 / 8000Nasdaq: 1700/1660/1620
QQQQ: 34/33.50/33/31.50
Intraday charts are now mixed for tomorrow after a moderate sell-off today.
Did I hear "Profit taking" sell-off? No, I have not heard it yet, but when we do, many will rush out as many stocks are rallied over 100%. Because this is an OE week, we need to exercise a bit of skepticism, but a correction is overdue.
Market price actions are still quite strong as we have seen a bounce-off from intraday lows.During the trading hours, at 10:14 am, I alerted that the markets have bounced up from pivotal intraday supports -- which are the LOD.
Certainly, Bernanke intervension has put a cement bottom from which markets have rallied 30%-40% off from the low on 3/6/2009.
So far, we do not have a confirmation for a sell-signal even though we have an early sell-signal from very overbought market condition on weekly and after showing distribution on daily price actions. 3/11/2009
Intraday alerts today which were HOD and LOD.
Monday, May 11, 2009 11:57:02 AM "Green Shoots" turned into "Green Trees". Intra S/R is still in tact. Intraday R $COMPX 1744.13 $INDU 8569.23 $INX 918.72
Monday, May 11, 2009 10:14:10 AM Markets are still trading above intraday pivotal supports bouncing up from the S. SPX 915R SPX 900 and Qs 33.50 $COMPX 1705.87 $INDU 8422.92 $INX 908.68 ~. DIA 84.33 IWM 49.79 QID 37.32 QLD 32.90 QQQQ 33.68 SMH 19.25 SPY 91.04
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