Bottom most like made
Written by d_walter on July 9, 2010 – 09:55
The markets reached extreme oversold levels last and now we’ve had a pretty decent rebound. The question of course, is this the beginning of a new up leg in the bull market or is it just another fake out in a new bear market. The prior I think. However, we won’t know for sure until we break through prior resistance that most traders look at around the 1100 level in the SP500. Most of what goes on today is related to short-term trading so that number matters.
Some positives include what appears to be a bottom in the Chinese market and the strengthening of the Euro. We’ll have to wait and see if these trends have some life to them.
I’ll be away for the next 2 weeks so there will be no commentary while I’m gone.
