I estimated today's high would be 1112 with a low of 1093. But the market has held its ground above the 1100 level all day so far. I now think the day's high will be 1118 or so but that we also will get a late break that will push the market down to 1105 with a little more weakness to come tomorrow.
This is the start of a very strong uptrend which will carry much further. Even so, the market has advanced for six trading days. Generally speaking, it rests on the seventh and sometimes on the eighth too.
4 comments:
Your Grace,Sir!
1109 strongest ever seen support .
It is very bullish,shrugging off all
economic worries.
Thank You!
Rest on 7th and 8th day:
Kinda like GOD!
Alternatively, yesterday's strong move has set the stage for two or three days of narrow trading to be followed by a gentle selloff next week. The big question is July.
A major concern into July and August will be increasing likelihood that the BP blowout well can't be capped with a relief well. A strong storm could bring millions of barrels of toxic oil on land and the fallout of shutting down offshore drilling will add to unemployment and housing defaults. Few understand that this leakage could be serious as subprime lending.
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