Saturday, April 19, 2008

The Dow Closes Above Major Resistance



The stock market ended the week on a high note as the dow closed above major resistance. As you can see in the above chart, the dow jones industrials rallied over 200 points on Friday and is now approaching its 200 day moving average. I'll continue to play this market from the long side and focus on the commodity related stocks such as steel and oil. For those of you who are bearish, I think the mortgage related stocks are what you should be looking at.

1 comment:

Cire said...

You can also see the reverse head and shoulders pattern on the DOW, similar to your post in the transports. The transports have clearly been the leader in this market

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