Tuesday, June 9, 2009

Bull - Bear Standoff at the OK Corral!

The Market is in Battleground Mode.  Neither side has been able to sustain a breakout.
2D, 10m. - Jun. 9 - The session today was somewhat similar to yesterday.  There was give and take on both sides without a clear cut winner.
3oD, 2 Hour - June 9 - Bullish Trend Channel dominates the reality of the market.  Until this Bull cycle is demolished, it will prevail.


3 Month, Daily - June 9 - The Narrow range Bullish Channel has been the prevailing pattern for 3 months.  Prognosticators and experts continue to suggest a "pull back" or "correction.  So far, this has not happened.

Bulls Don't Die Easily!

Conventional wisdom called for a pull back but the Bulls roared back.  It is not over 'til its over.
5D, 15 m. - June 8 - Gap down was followed by a late day rally and then a sell off.  For the last five sessions we have seen a sideways, range bound market.  A breakout from this range could well lead to more up or down.  Neither Bulls nor Bears have conceded defeat as yet.
30 D, 2 Hr. - June 8 - Longer term the Bulls still rule the Roost.  The Trend has not yet been changed from being Up.
3 M, Daily - June 8 - Range bound Bull Channel since Mid March.  No break in this pattern as yet.