Friday, May 9, 2008

Market Correction Seems To Be Ending. Expecting Bullish Action Next Week


upsidetrader said...

xlf continues to take bad news fairly well--mbia reports next week but that could be it for a while- we need the financials to lead again

Trader M.D. said...

I went through a ton of charts Thursday night. Probably 250+. I see a bunch of good looking charts out there.

I, too, get the sense that this is just a correction with more upside to come.

Andrew said...

FDX,lowered their guidance on friday in the AH. By looking at the chart this looks like it was partially already factored in but keep an eye on this sector next week IMO. The charts shows a strong rejection at the 200 day and a potentail double top if the the it does not close above the 92-93 range in the next few days. I think you are going to need to have oil,nat gas and even some currencies on your radar to trade this market the for the time being and I would not trust a rally if oil does not correct some here.

Stewie said...

hi andrew. it might affect the market early on and probably will help the Transports correct from overbot, they have a very strong run but i do not think they will keep the market down for long. it feels like they want it to rally next week.

Stewie said...

upside. the XLF has pulled back smartly into an area of strong supprt. MA and backtest support levels. looks prime for a move higher. bad news from MBIA or not.

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