Market Preview for Thursday April 17, 2008:
The Point - THE TREND IS CHANGING - WE HAVE HIT RESISTANCE
The Story - The 7 day EMA is just above the 21 day EMA with yesterday's powerful rally on higher volume, stochastics are still lower but turning, and the MACD has just turned upward. Once again we have hit resistance on the Dow and S&P and it would be wise to wait with cash until we have confirmed market direction. A breakout of the Dow or S&P above approximately 12,800 or 1395 could indicate a longer term uptrend is in place. Expect volatility.
A updated recommendation performance history will be posted to detail the suggested actions to profit from the trending markets.
Trade Recommendation: Cash
Current Position: GOOG Credit Spreads (April 470 and 480 Puts)
Watch List CF, ATW, MON, MA, ISRG, KOP, SWN, RIG, WFT, URBN, RDC
Safe Trading!!!