9:45 PM
As I mentioned yesterday "Perhaps if Germany votes for the bailout of Greece tomorrow, we might see a change in sentiment. But until that happens, we're going down and dirty."
And we had good news this morning. Germany voted FOR the bailout! Jobless claims dropped under 400k for the first time in more than a month. And GDP showed a small increase. Stocks took off at the open like gang busters!! But.........despite all the enthusiasm the bulls could not keep things moving their way. Soon things we going back into the toilet, and it was only some suspected short covering at the end of the day that gave the DOW a gain.
The talking heads are still proclaiming how the DOW moved up a whopping 143 points!! It sounded like there was a bull market! Then when you look at the chart you just have to laugh. It still reads ...... NOSEDIVE! Today did not break yesterdays high. It did break yesterdays low. And it couldn't get over the resistance line. The long tail on the bottom of the candle wants to be bullish, but overall it's a neutral candle at best.
So once again we are at an impasse. Downside bias, but watch for positive news that could be a game changer and take the market up. Downside targets unchanged, and no changes in the trend table.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) - Down
Medium Term (3 day chart) - Down
Short Term (Daily Chart) – Down
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