Tuesday

Impressive Rally

Post a Comment March 10, 2009 – 7:29 pm |   | Permalink |  Print This Post |

At the time of writing the Dow is 6859 (HB as per Magik). Impressive rally with great volume and a 5 day MA which is turning. All great signs. We have longs open from before and are cautiously optimistic but will not chase. This rally looks promising but we will stay sideline for now. As we said previously, those with NO position should have a small anchor at least. Our turning point could have come earlier than expected. Our countdown was at day -2/3. Stay cautious. The news (excuse) which triggered this was Citibanks “better than expected” quarter. Let’s hope our stocks get the required boost today.