Thursday, June 4, 2009

06/04/09 Market Recap

The stock market rose for the fifth time in six days, following a rally in financial and energy stocks. Advancing issues outnumbered decliners by a 3-to-1 ratio on the NYSE, where volume was a bit heavier than it was yesterday. Bulls continue to do well and any consolidation for the last 3 months has been met with strength.

The S&P failed to break below 930 into the old trading range, the bounce off the 200 dma was confirmed today and we are seeing higher highs and higher lows. My stance is bullish until proven wrong. Resistance at 950 still stands, it is very important to close above this level for the bullish scenario to continue.

Nasdaq broke out into new highs and closed above key level of 1485 which is the 38.3% retracement level. Seeing higher highs and higher lows.

Long, inverse h&s, BNI:

Long candidate, CRS:

High risk long, PFAP

Short candidate, K:

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