trendmagic
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Courtesy of my website:
Current Market Outlook 07/25/2006:
Dow Jones Proprietary Indicator: LONG
Nothing has changed in our forecast. We are long and remaining long here. The DOW JONES made a nice reversal today after being down 50 points during the session, it managed to gain 52 pts on the close. The nasdaq made a 25pt intraday reversal, closing up 12 for the day. This is the type of action we feel that we will continue to see on a shorter term basis. When the market decides to be in a "bull" mode, not much can stand in its way. It will take good news and exaggerate it and take bad news and spin it into good news.
I thought it was important to point out what happened today on the $NYSE. We broke above the downtrend line that began at the May top. The SP500 was the only other major to do this today. The NYSE is the best view of the entire market and it is saying that we are in breakout mode. I expect others to follow. The dow jones closed on the downtrend line today. The NYSE appears to be in a wave 5 up from the May 2005 highs. It appears that we could see the highs again on this index before we push lower into the October timeframe.
Current Market Outlook 07/25/2006:
Dow Jones Proprietary Indicator: LONG
Nothing has changed in our forecast. We are long and remaining long here. The DOW JONES made a nice reversal today after being down 50 points during the session, it managed to gain 52 pts on the close. The nasdaq made a 25pt intraday reversal, closing up 12 for the day. This is the type of action we feel that we will continue to see on a shorter term basis. When the market decides to be in a "bull" mode, not much can stand in its way. It will take good news and exaggerate it and take bad news and spin it into good news.
I thought it was important to point out what happened today on the $NYSE. We broke above the downtrend line that began at the May top. The SP500 was the only other major to do this today. The NYSE is the best view of the entire market and it is saying that we are in breakout mode. I expect others to follow. The dow jones closed on the downtrend line today. The NYSE appears to be in a wave 5 up from the May 2005 highs. It appears that we could see the highs again on this index before we push lower into the October timeframe.