Sentiment the last two weeks has been cautiously optimistic. The massive dive of stocks and high level of shorts have led to a nice move upside. I have to be honest I thought we would get heavy resistance at 7400-7500 on the DOW but we surpassed that level (Maybe 8400 is possible). My main reason why this happened was the constant interference in the market by the administration, these two week have been historic in my book and believe me I am drained from being sick and trying to figure out why we move so parabolic to the upside.
Well I hope April sets up nicely as I am looking at some charts and I think we will have more clarity in a few weeks. The wave count traders have been wrong on the count but that doesn't mean they are wrong just wrong about the levels, much like I was.
The last few months have been easy to trade but then comes period like this where is is complete chop and no technicals works because it is mainly just shorts covering.
But fear not this time will pass in my opinion within three weeks, especially when we get the news on mark to market and the President decides to start off the tv and stop messing with the market psyche.
We will rock this year
Friday, March 27, 2009
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