Tuesday, May 24, 2011

05.24.2011



END OF DAY MARKET REPORT


The market had a nice rally today and is now in an unconfirmed bull market on the intermediate term by that of the five day moving average. For this to be confirmed I need to see a test of support near or at the five day and then make new highs. Another way of seeing this is if it can get above this key fibonacci level around $36.75 and hold Above it for a few hours. This does not give clear buy signals as of yet because it is only up around 15% from its $32.00 bottom and has only retraced a small amount from the high of almost fifty dollars a few weeks ago. That level is more important to clarify buy signals for the longer term if you are looking to buy on strength. If people have been waiting for a pullback then there is no excuse to not get in now because you either should have taken advantage of those lower prices by now or wait for confirmation off a break past the fifty average. What I don't want to hear when the market goes past $40 and even $50 is "im hoping for a pullback" and I know I will hear it, but there is no excuse on price action for people to not be in the market.


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