You are currently browsing the The MPT Rating weblog archives for the day 25. July 2008.
25. July 2008 by admin.
Friday,
Friday’s close was up a small amount showing a little confidence by investors ahead of the weekend, but this is also due to a desire to slightly correct yesterday’s major sell off… The moral of the story here is to use the pullback as a buying opportunity plain and simple.
The DJIA gained 21 points for the day, basically flat all in all. I would not venture to guess whether this is the bottom of the pullback and knowing that this is only a pullback we need not concern ourselves with this question, but rather seek to find quality opportunities at oversold prices, and there are many out there.
The NASDAQ gained 30 points for the day retracing to support on the middle bb line. I reiterate my opinion on this market, this is a real bottom we have struck and any selling should be used as a buying opportunity.
Today’s MPT (Market Power Trend) Rating, which tells us what “Smart Money” is doing in the market and where support/resistance is tells came in at (03) showing no major buying took place today, and unless we have bullish news over the weekend or Monday, I would expect to see a little more selling before big buyers took control of the market buying what weak investors are selling.
As Always; Be Smart, Be Patient, & You Will Be Successful.
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