MPT Rating (02 Weak Bear)

18. July 2008 by admin.

Friday, July 18th, 2008; MPT Rating (02 Weak Bear) 

Oil was down for a fourth day while markets closed in split fashion, but flat on the big picture…

The DJIA gained another 49 points for the day, closing above the middle BB line on the attached chart which I would expect to continue to find support at.  I do anticipate a test of the low on the DJIA but I believe the slow stochastic indicator has more room to run and as we have yet to break out of the major down trend line we started in may, I think this rally has moor upside left in it before we test support, thus I want to be a buyer of quality here.

The NASDAQ lost 29 points for the day but a low volume pullback is showing and that is nothing but a buying opportunity.  The recent bullish crossover of the MACD indicator and the slow stochastic all tell us we have more room to advance in this rally and taking profits here may likely be a regrettable action in the big picture.

Today’s MPT (Market Power Trend) Rating, which tells us what “Smart Money” is doing in the market and what to expect with the overall market ahead, came in at (02) and this tells us the same thing we have been seeing when the markets pullback; we have support at these levels and reason for “Smart Money” to buy up shares to further propel this market higher.

As Always; Be Smart, Be Patient, & You Will Be Successful.

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