|A tough week for the bulls|
|Written by L.A. Little|
|Friday, 08 February 2008 09:43|
It was a rough week for anyone looking to be long. It started Monday; accelerated Tuesday and Wednesday; back off a bit yesterday and then came at the bulls again today. Hard as it may seem, the setup is still to the topside here in terms of a bias.
Today's weakness was rooted in the weak action in the financials. Despite that, if you look at the financials, they seem to be setting up for another burst higher as the next major move. If that happens, the entire market is likely to move with them.
All in all, this week's downdraft was reasonable contained and other than the NASDAQ pushing down too hard on its retracement, the rest of the general indexes are setting up to move higher. The NASDAQ pushed back higher today as the big caps there were saying that "Enough is enough!"
We are glad its Friday. Time to take a little time for the family and forget the market for a little while. All in all, despite some hits this week, this market is showing reasonable strength.
We leave you with this thought. If you enjoy and appreciate what you read here each day, tell three friends or colleagues. That helps us to grow. A viral growth is the best as it grows exponentially. We thank you in advance.
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As always, thanks for reading, thanks for spreading the message and thanks in advance for taking a look at what we are doing for others with our money management. We have started the year without any significant draw downs and are handily beating the market to start the year. Join us and start seeing real returns from the market.
|Last Updated on Saturday, 09 February 2008 11:26|