Thursday, March 12, 2009

Technical Picture - Bulls Own It

The markets opened slightly weaker in the wake of higher than expected Initial Claims and a ratings cut for GE. However, better than expected retail sales and some M&A in the pharma and biotech sectors helped fuel another rally. Also sub committee meeting on mark-to-market accounting rules and positive comments from the CEO of BAC kept the rally going. Broad based rally with little in the red except the $USD.

This has been the best 3 day run since November, however we are moving into more resistance as highlighted on the NASDAQ chart as we approach overbought levels.

Economic calendar Import/export, trade balance in pre-market, and Michigan sentiment at 10:00.


Stewie said...

amazing how what the CPC chart looks like right now. people very comfi right now the worst is behind us. rally might be starting to run on steam soon.

TJ said...

Today's a bull/bear battle. But I'm thinking the bears might take the close.