Monday, March 31, 2008

Just a Few Charts Tonight

I continue to see very little that stands out on either side of the aisle in this market right now, so I continue to recommend not getting too aggressive as a bull or a bear at this point. I am looking for the market to close over the 1337 area on the S&P 500 and the 2300 area on the Nasdaq. These are the 50 day moving averages for these indexes and if they can close back over this, hopefully on some heavier volume, then I will become more bullish and look to put money to work a little more on the long side. Until they do, I have to remain slightly bearish to neutral, and as such, I just have my three small shorts and cash. This market has been rather calm and boring for the past week so perhaps a big move one way or the other is just around the corner. I wish I knew what direction that move will. Tomorrow is April Fools Day - hopefully the market doesn't have anything to crazy in store for us. Good luck.

Charts from Telechart2007, Courtesy of Worden Brothers, Inc.

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