Hello Traders,
The Dow is finding a nice pivot point at 8000. Which way will it go?
The overall trend is down, the short term trend is up. If you draw a trendline connecting the highs in the Dow, you will see we are bumping up against a trendline from all the way back in November 2008.
Earnings, initial claims, and Bernanke on Friday. Do we continue to go sideways, breakout to the upside, or roll over?
A lot of short term traders are short and if we do breakout, they may have to puke which will add fuel to the updraft.
Happy Trading
Trader B
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