Monday, March 23, 2009

Huge Rally Monday!

Nice rally in the stock market today carrying indexes above their
50dma. We haven't seen that since early January, when the markets
quickly turned around. Volume was a little lighter than one would hope
for a strong price move. But after last week's two distribution days,
we'll take it!

The market is obviously short-term overbought and extended here. What's
next - basing around the 50dma?

Short entry today, and no pic as I'm just emailing this in. New job for
me and was quite busy with the meetings today.