Wednesday, August 24, 2011

Trend turning bullish

The market closed about the TA today and it just needs confirmation to solidify a short term bullish trend. I was tempted to go in long at the TA today (I would have been 12 points ahead at the close) but decided to wait for the pullback first. Also, the whole Fed speech tomorrow will cause a lot of volatility and I get the feeling the market will need the weekend to digest what comes out of there. However, Gold has been selling off hard and that might signal a shift to riskier assets so there is a positive bias to the market as of now. But where the real test will come will be at 1208, if the market breaks that then it will have a chance to trade higher.

No comments:

Post a Comment