You are currently browsing the The MPT Rating weblog archives for the day 28. May 2008.
28. May 2008 by admin.
Wednesday,
Markets finding some support as oversold conditions provide reason for some buying…
The DJIA; gained 45 points for the day as it continues its bounce on short-term overselling the week before, but the MPT Rating of (03) shows little interest by “Smart Money”, and I (like them) tend to believe we will only see this bounce last a bit before we go lower, but I see this whole pullback as nothing more than a pullback and a good opportunity to buy selective investments for the bull rally yet to come.
The NASDAQ; gained 5 points for the day and in the continuation of my earlier statements of the market bounce which I believe will still need to sell off further; we can look at the attached chart for the NASDAQ and see we have gaps which have yet to be filled and this simple fact confirms my belief that the markets will still yet press lower, regardless of any short-term bounce due to overselling.
Today’s MPT (Market Power Trend) Rating, which tells us what to expect in the overall markets in the next session (short of any surprise bull or bear news) came in at (03) for the 3rd time in a row… “Smart Money” is not buying into this bounce in any major way as they believe we will go lower over the summer months and thus they are in no hurry to buy shares here.
As always I recommend investors and traders, be smart, patient, and ever successful.
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