Market Continues Sideways As Expected
The Dow dropped a marginal 9 points today as the US market continued to move sideways as I have expected in my post two days ago.
Yes, the US market has been moving sideways since that rally two days ago on Monday and could be expected to do so until the short term overbought condition of the recent short term bull trend has been digested. Economic numbers have been mixed as well this week so far but with major indicators at pre-recession levels, some volatility should be expected. Investors were also mixed ahead of this Friday's Job report but one thing is for sure, the peak unemployment reversal has already occurred and the economy is recovering, no doubts about it.
One thing is for sure at this point and that is we have come to the end of yet another intermediate pullback like the one back in July 2009 and such pullbacks allow the market to move on higher in a healthy manner.
Yes, the US market has been moving sideways since that rally two days ago on Monday and could be expected to do so until the short term overbought condition of the recent short term bull trend has been digested. Economic numbers have been mixed as well this week so far but with major indicators at pre-recession levels, some volatility should be expected. Investors were also mixed ahead of this Friday's Job report but one thing is for sure, the peak unemployment reversal has already occurred and the economy is recovering, no doubts about it.
One thing is for sure at this point and that is we have come to the end of yet another intermediate pullback like the one back in July 2009 and such pullbacks allow the market to move on higher in a healthy manner.
posted by Jason Ng at 7:00 PM
0 Comments:
Post a Comment
<< Home