Here's a pretty chart :). Guess I'm also a princess. :) Try telling that to my grand-kids - they wouldn't stop laughing. I can hear them cackling now: "You're not a Princess - you've got too much hair." Yep, I'm as bald as the proverbial billiard ball. :)
In America:
Dow Industrials +0.62%
Dow Transports -0.74%
SP500 +0.74%
Russell 2000 +0.35%
Nasdaq100 +0.57%
Comment: A moderate day up on solid volume. Volume increased after yesterday’s low volume narrow range down day.
NewHighs/NewLows 250/42. NH>NL. The ratio of NH/(NH+NL) is at 85.6%. In the Do Not Sell Zone. New Highs are once again strong; New Lows showing some nervousness.
Technical Comment on the Dow 30:
The Dow finished at 12805.5. Support/Resistance: 12764.5/12961.3.
Indicators:
Stochastic: 62.6. Above its signal line. Positive
RSI.9 is at 58.9. Positive.
MACD Histogram. Marginally above zero. Neutral.
MACD. Above zero. Positive.
CCI.14: +22.5. Back above zero. Positive.
The 10-DayEMA (blue dotted line) is above the 20-DayEMA (red dotted line). Positive.
The medium term trend is up. The short term trend is up. Long term – the pressure is still down – see the big blue oblique line. The high of eight days ago (12961.3) is the next resistance level, then the big blue oblique down line.
Momentum Indicators have all turned back up and giving positive signals. Steady as she goes, Cap’n.
Last night, The Bernank released his prepared statement before he reported to the Senate, and the market tanked after opening well up. Market participants read the report quickly - couldn't find the words "Quantiative Easing" - and sold off. Then around 11 o'clock after rereading the statement carefully and listening to The Bernank speak they stumbled on words which said the economy was weakening and the jobs numbers were falling. They reckoned these were synonyms for "Quantitative Easing". So the market went up.
That's my version of events. Makes a good story, huh? I reckon I should write for the newspapers - they make it up too.
Redbacka
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