Trading Interest Returns...
Today was clearly a much more bullish day than the past 7 trading days as the Dow made a new 4 months high intraday. This, together with the fact that trading volume is now rising once again shows that trading interest is once again returning as fears of the big pullback begin to diminish. Traders are also seeing that the 200 days moving average isn't yet causing any problem as the Dow glided past it. The next big hurdle to cross for the Dow is the 9000 points resistance level which it failed multi-times back in December 2008. Options traders also gave their seal of approval with the put call ratio going down by 9 basis points to 0.77, indicating more call options trading than put options trading.
The Dow remains in short term neutral trend, intermediate bull trend and primary bear trend.
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