kennynah wrote:“On March 12, I think it turned, and that was the beginning of a new bull market.â€
wow....isn't that amazingly accurate.....
K - March 12 was the follow thro' day, signifying an uptrend. I did post this on the US direction thread.
Re: US - Market Direction & Strategy (Mar 09 - Apr 09)
by millionairemind » Fri Mar 13, 2009 3:54 pm
Dow 7,170.06 +239.66 (3.46%)
S&P 500 750.74 +29.38 (4.07%)
Nasdaq 1,426.10 +54.46 (3.97%)
NYSE 4,684.99 +179.61 (+3.99%)
NYSE scored a follow thro' day on Day 5 of attempt rally. Even though Nasdaq's volume was higher than previous day, it was only Day 3 of Nasdaq's attempt rally as its recent Nov lows was undercut on Monday.
We should expect some sort of pull back in the next couple of days (hopefully on lower vol) as Nasdaq had already vaulted more than 10% in the last 3 sessions. I hope to see Nasdaq score its "own follow thro'" day next week... adding more strength to this uptrend. This was what happened back in March 2008 when DOW scored a follow thro' day followed by Nasdaq/SP500 a week later.
Watch for distribution days from now to gauge on the health of this uptrend.. lets hope it lasts (unlike the one 6 weeks ago which failed very quickly) and lets make some hay while the sun shines.
Good luck out there.