Monday, July 21, 2008

This week

I will be starting this week in neutral as many conflicts are showing up in the charts, so I will be waiting for the market it tip its hand. With 10 Dow companies and 150 S&P companies reporting this week, we could be in for a nice volatile week.
Numbers to watch on the upside on the S&P is the important 1292 (38% retracement) and the 1320 level (50% retracement). On the Russell we have 704 and 720 on the upside to watch.
The bulls must make a stand here especially with the news out this morning from Bank of America that showed a number of areas showing strong growth.

Keep an eye on BIDU seems to be in a stealth bear flag.

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