Upside Breakout!
The Dow resolved its short term neutral trend today with an upside breakout of over 214 points with strong volume. In fact, the S&P-500 also turned positive for 2009 today with a 29 points surge! Yes, the market can indeed stay irrational for longer than you can stay solvent.
All of these happened as more positive data was announced from the housing sector. Pending home sale index ( see stock market calendar ) turned in stronger today reinforcing the likelihood that the housing market has indeed reached bottom.
As I mentioned yesterday, the neutral trend so far might have digested the expected short term pullback and we may indeed be witnessing a reversal in the making.
I made 35.4% profit on my call options on MON today as well. Check it out!
Learn about options trading for free now!
All of these happened as more positive data was announced from the housing sector. Pending home sale index ( see stock market calendar ) turned in stronger today reinforcing the likelihood that the housing market has indeed reached bottom.
As I mentioned yesterday, the neutral trend so far might have digested the expected short term pullback and we may indeed be witnessing a reversal in the making.
I made 35.4% profit on my call options on MON today as well. Check it out!
Learn about options trading for free now!
Labels: 2008 crash, fundamental analysis, technical analysis
posted by Jason Ng at 6:22 PM
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