Stock Market Commentary: Consolidation Day 3
Attempts to generate a move (down) was quickly rebuffed and the day finished much were it started for all major indices. The Dow was able to make a new closing high for the rally:
As was the Russell 2000
Small Caps look ready to push higher - a potential long side play? Stops on a loss of Thursday's lows or break of 20-day MA depending on risk preference.
The real change for the week is what is looking to be a confirmed breakdown of 4-year rising support in the weekly VIX chart; this would favor a continuation of bullish conditions, even when the next significant down phase occurs.
While the weather continues to freeze this rally hasn't lost any of its heat.
Dr. Declan Fallon, Senior Market Technician, Zignals.com. November 2009 has seen a significant upgrade and is on course to becoming the eBay of finance with our new Beta MarketPlace and a new rich internet application for finance, the Zignals Dashboard. Zignals now has new fundamental stock alerts, stock charts for Indian, Australian, Frankfurt and soon Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active fundamental system stock screener and trading system builder. New Forex and Index data.
As was the Russell 2000
Small Caps look ready to push higher - a potential long side play? Stops on a loss of Thursday's lows or break of 20-day MA depending on risk preference.
The real change for the week is what is looking to be a confirmed breakdown of 4-year rising support in the weekly VIX chart; this would favor a continuation of bullish conditions, even when the next significant down phase occurs.
While the weather continues to freeze this rally hasn't lost any of its heat.
Dr. Declan Fallon, Senior Market Technician, Zignals.com. November 2009 has seen a significant upgrade and is on course to becoming the eBay of finance with our new Beta MarketPlace and a new rich internet application for finance, the Zignals Dashboard. Zignals now has new fundamental stock alerts, stock charts for Indian, Australian, Frankfurt and soon Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active fundamental system stock screener and trading system builder. New Forex and Index data.
