Thursday, April 29, 2010

State of the Market - 4/29/10

Short post today because I have to run to a family member's athletic event.   Today was obviously a very strong day on Wall Street, with the market seeing a steady and smooth move higher right from the opening bell.   Volume looks to be heavier on the Nasdaq but heavier on the S&P.  

I said yesterday that I will be watching closely to see if the market recoups Tuesday's losses quickly or if they can't bounce back much at all.  Today was a good sign for the bulls but I don't know that it is an "all-clear" signal.   The potential still exists for a lower low being put in near the current levels if the markets don't continue to bounce tomorrow.   As I look at the Nasdaq and S&P charts, I am also seeing a potential head and shoulders setup on the 60 minute charts.   Who knows if that will play out but it is a possibility I am considering here.

I didn't make any moves today - actually I see just as many stocks that were down today in my watchlist as were up, and that is a bit odd.   BYD had a nice move higher today over some very key resistance - that is one I have pointed out for a few weeks now - but volume wasn't quite as big as I would expect for a key breakout.   I may look for that on a retest of the breakout area rather than chase here.  

Gotta go - still up in the air in my opinion.    Good luck Friday.

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