Stock Market DJIA Back Above Critical Support Level
Stock-Markets / US Stock Markets Feb 04, 2009 - 04:56 AM GMT
After being a laggard as of late, the DJIA outperformed both the S&P 500 and NASDAQ. In addition, the DJIA is back above 8000 and support. However, volume was relatively light.
While a 140 point gain might sound good on the evening news, today's action needs to be viewed in a larger context. We are still in a bear market. A bottoming process, maybe, but a bear market, nonetheless.
Also of interest today was the NYSE Composite gaining almost 2%. Is this a sign of underlying market strength? Only time will tell.
Positions: None
By Kingsley Anderson
http://tradethebreakout.blogspot.com
Kingsley Anderson (pseudonym) is a long-time individual trader. When not analyzing stocks, he is an attorney at a large law firm. Prior to entering private practice, he served as a judge advocate in the U.S. Army for five years and continues to serve in the U.S. Army Reserves. Kingsley primarily relies on technical analysis to decipher the markets.
Kingsley's website is Trade The Breakout (http://tradethebreakout.blogspot.com)
© 2009 Copyright Kingsley Anderson - All Rights Reserved
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