What push up?

    maybe a reason for this push up

    Posted by auni on 28th of Sep 2011 at 12:33 pm

    I came back to my desk and read this, then went and looked at the charts expecting to see that the market had shot up. So, what "push up" are you talking about?

    I think that most of the weak shorts have been squeezed out by now with all of these, almost minute by minute,  Euro-news reports that have pretty much, by now, saturated the short's fear receptors.  It is going to have to be a pretty big story to move the market now.  And, it might be a case of sell the news once the market has digested what ever finally comes out.  As they say, it isn't the news but how the market reacts to it. 

    The market is showing some relative strength on the short term time frames, especially when you consider that is sitting at the abyss of the 20dma on the monthly chart.  It has only 2 full trading days left to rally hard over the 1200 mark or risk closing the month on a monthly bear sell signal.

    So, I like sitting in cash right now because, the volatility is so high right now, and between now and the end of the month it is going to be  coin toss to see which way we end the month.  Why guess?  Let the monthly chart plot your course for you.

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