The Kirk Report |
| Posted: 29 Apr 2010 03:21 PM PDT Following one of the most positive premarket sessions I've seen in some time, stocks rallied the most since March.  Without a doubt, today qualified as a positive follow-through day which in turn flipped the sell signals recently triggered upside down. As of today's close, all of the major market averages - Dow, S&P, Nasdaq, & Russell - are sitting comfortably back above their 10/20 moving day averages. Bottom line - the price action suggests we've only see another dip and not the end of the trend. Are you surprised? I suspect not. However, as I offered in my daily notes six hours ago, the faster we go back to take out Monday's intraday highs the better off we will be especially to avoid a potential head & shoulders pattern. I know it seems ridiculous, if not borderline insane at this point to sing anything but glowing praise for how this market continues trade like Teflon, but until this pattern is invalidated we've got to remain focused up here. The time when this market will cook our goose for good is when we start feeling invincible. Quick snap-back recoveries like we seen this week do a terrific job of precisely that very thing. * As we like to do around here on Fridays, I have another strategy session planned tomorrow with Dr. Janice Dorn. (Here are some of her recent articles). I hope you'll find time to join us! |
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