March 21, 2008

Market Comments Submitted by Nick at Ambitions as a Stock Trader

By admin

Submitted by My Ambitions as a Trader and Investor

Surprisingly Bullish…

No matter how you view it, today was a surprisingly bullish day. For one, look at the volume on the DJIA and the NASDAQ. This was higher volume than I expected. To top it off, there are some nice charts begining to setup. Also, some of the few longs that I’m holding are starting to move up again (RBI, for instance). I’m not sure how long this bullishness will last, but I plan to take advantage of it. The strength will most likely be short term and will likely diminish once the indices find some resistance at their 50 day or 200 day MA’s. I wouldn’t be surprised if the DJIA or the NASDAQ actually bust through their 200 day MA’s for a few days as well. Still after that happens, we will most likely head down again. Of course I could be wrong, so we’ll have to just wait and see.
I also seem to have been wrong about Visa (V). Visa is showing impressive strength as well and is close to taking out its first day high.

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