Bullish Start For The Week
An extremely bullish start for the week as the Dow closed up 115 points, erasing all of last Friday's losses.
Speculation on the coming earnings season seem to have started already as giants like MSFT are due to announce their earnings as early as end of the month. From the way the market action looks, investors clearly expect to see a more optimistic earnings season. Today's rally was supported by a declining bond yield and put call ratio, which makes it a truly bullish day.
So, is the pullback over? Not just yet. Our short term momentum indicators continue to point bearish and the market continued to trade with a sense of being overbought. As such, I won't be surprised to see profit taking early in tomorrow's session.
For now, the Dow remains in all out bull trend.
Speculation on the coming earnings season seem to have started already as giants like MSFT are due to announce their earnings as early as end of the month. From the way the market action looks, investors clearly expect to see a more optimistic earnings season. Today's rally was supported by a declining bond yield and put call ratio, which makes it a truly bullish day.
So, is the pullback over? Not just yet. Our short term momentum indicators continue to point bearish and the market continued to trade with a sense of being overbought. As such, I won't be surprised to see profit taking early in tomorrow's session.
For now, the Dow remains in all out bull trend.
posted by Jason Ng at 6:30 PM
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