Dead Cat Bounce?
The Dow gained 61 points today as economic numbers continue to suggest economic recovery. Seriously, I cannot believe anyone still has any doubts about that.
Even though many investors were elated to see the rise today, it really did nothing to change the short term neutral trend and short term bearish momentum in the market. Monday's high continue to hold up strongly and there are still no signs of a breakout. Volume remains low, momentum remains short term bearish and it seems like a visit down to the 9000 points level still seem inevitable this week.
For now, the Dow is in short term neutral trend, intermediate term bull trend and primary bull trend.
Even though many investors were elated to see the rise today, it really did nothing to change the short term neutral trend and short term bearish momentum in the market. Monday's high continue to hold up strongly and there are still no signs of a breakout. Volume remains low, momentum remains short term bearish and it seems like a visit down to the 9000 points level still seem inevitable this week.
For now, the Dow is in short term neutral trend, intermediate term bull trend and primary bull trend.
posted by Jason Ng at 11:37 PM
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