You are currently browsing the The MPT Rating weblog archives for the day 16. July 2008.
16. July 2008 by admin.
Wednesday,
The markets got a wake up call with (
The DJIA gained 276 point for the day and formed a bullish continuation signal on strong buy volume and also gave us a very bullish MACD crossover which is a powerful bottom reversal signal and confirms our opinion that the markets are bottoming in preparation for a major bounce higher…
The NASDAQ gained 69 points for the day and may have its bullish MACD crossover tomorrow… I would look for increased buying by smart money in the next pullback as they are already in the green as they were buying in the pullback and strong at the bottom. I remain a bull in this market in anticipation for a major rally to come.
Today’s MPT (Market Power Trend) Rating, which tells us what “Smart Money” is doing in the market today and what to expect with the overall market tomorrow, came in at (03). This is bearish but we need to see back to back bear signals before we consider anything negative… this market is heavily oversold and many stocks were boosted today and will sell off tomorrow, but not all are of like quality technically or fundamentally. Buy quality and wait for the bottom to finish forming for the next major rally.
As Always; Be Smart, Be Patient, & You Will Be Successful.
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