Written by d_walter on June 2, 2010 – 14:32
The Dow Jones Average was up 225 points today. Our long-term models are bullish and 2 out of 5 of our shorter term models have turned bullish over the last couple of days. Most likely, the correction is over as we are now entering a seasonally strong period of the year. Nothing has changed in terms of economic fundamentals and the same for the news backdrop. World news (i.e, European problems,oil leaks, etc.) are as negative as before, but none of this matters because most of daily trading volume today comes from hedge funds and rapid fire institutional trading. A number of “resistance” levels were breached today and as often happens in today’s markets, momentum feeds on itself to the upside and other days to the downside. I think we’re now on our way back up over the next couple of months. How far it will go is anybody’s guess, but at a minimum, I expect at least another 5% upside near term. After that, we’ll have to wait and see.
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