S&P Makes New Highs For The Year
Well, the S&P which has been lagging the rest of the world stock markets finally made a new high today. The S&P broke out of its 3 day consolidation and rallied almost 15 points to close at 1557.
I am still long the NASDAQ and EEM which both had very good days today. I'll continue to trail my stops below the most recent trendline to lock in profits.
Posts
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
5 comments:
Kevin,I've always enjoyed your analysis on Goog (and have made money from your posts about goog). If you have time, would you please post where you think it is going in the days to come?
BTW, how do you get the charts to post to your blog?
Thanks,
Teks.....
Stock's are bullet proof.....absolutly amazing...
Kevin:
Hi, good to have you back. Are you taking your 2nd week of the Dow trade this month? It's above its 50 day.
Kevin,
You took a break, the market made a major correction, S&P corrected 11.9 percent to hit a low on 16 Aug 2007. Most of us have been looking at 50MA and 200MA. Some indexes broken and some intact. Your 70 week MA is a good MA to watch. Your observation of 5 weeks to decline is also a good one.
I looked back at last 20 years US stock market chart. Except in the year of 2001 & 2002, the market only go up, any major correction only did not last for more than 1-3 months. After that it is a new high again.
Of course, the bear could celebrate the rapid decline when its turn comes, but after that, the market will gradually move up again.
So this have changed my prospective to put less emphasis on bearish move. I will watch on 70 week MA and 5 weeks decline to complete the pull back. If not, the trend is still up.
At times, the swing traders will lose money when bear moves up. Eventually it is the long term investor who will make money.
Any opinion ?
Hi Guys,
I'm really pressed for time and I can't give you all the kind of answers that I would like to give. As soon as I get a chance I will try to anwer your questions...Thanks for reading....
Post a Comment