Wednesday, January 28, 2009

"Bull Day 4" -  The Bull Rally continues with Strong Internals.  We started weak but the momentum has increased.  The "Red Bull" showed more high spirited action today. 

                                             (Click Charts to Enlarge)

3 Month, Daily - JA28 - What had become a primary bear trend is now showing signs of possible reversal.  This possibility is not a done deal.  More work to the upside would have to occur to confirm this change.
10D, 60m - JA28 - The one hour chart clearly shows the continued Bull Potato move.  The market gapped up and the trend continued up on strong internals.  There was profit taking and a hard pull back late in the session which was followed by a strong recovery into the close.  MACD black entire session.
5D, 30m. - JA8 - Gap up to open followed by trending day that more decisively confirmed the Bull Potato move to the upside.  MACD black all day.
2D, 15m. - JA28 - Up trending session with close near the high.  The momentum today set the tone for possible continuation of the rally on Thursday, but we know from past experience that this market is very volatile and anything can happen.