More Signs Of Economic Recovery...

The Dow staged a late day rally today, ending the day up over 95 points as more signs of economic recovery was announced today. Both the jobless claims and the philly fed numbers came in better than expected today, coming off their worst levels. What in the world is the Philly Fed? The Philly Fed's the Philadelphia Fed Survey which measures manufacturing conditions in the Philadelphia Federal Reserve district and is widely followed due to its correlation with the ISM index. With the Philly Fed following up on better ISM number this month, we are more and more convinced that the worst for the economy might be over.

Investors and Traders obviously think so too as they fought off the early bunch of profit takers and defended the positive territory. So far, we have not seen the pullback that is widely anticipated. In fact, the Dow did an important but relatively mild congestion breakout today. The Dow has been congested at the 8000 points short term resistance level for way too long now and such a breakout may serve to once again push back the pullback, which in my opinion, is inevitable. Tomorrow is options expiration Friday and is expected to be a relatively volatile day (see stock market calendar).

Those of you who wish to follow me on some of my trades may follow me on my twitter at http://twitter.com/jasonnoguchi .

The Dow remains in a primary bear trend, intermediate bull trend and short term bull trend.