Friday, July 30, 2010

GDP Fear

The GDP number came in below expectations and we got knee jerk selling.  Once all the economic numbers for the day are out of the way, I expect us to drift higher.  This is a tricky market but I am still sticking with the theme that we are in an intermediate term uptrend.
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3 comments:

Petsamo said...

The actual GPD is 2.4, expected was 2.5. I don't see the big deal. The good news surprise is the Chicago PMI, which came in at 62.3, expected was 56.

7/30/2010 10:39:00 AM
Tom said...

what if we close near the lows today? would that get your more bearish going into next week? MACD histogram is sloping down and still shows a bearish divergence versus the recent two peaks price highs. MACD is curling over down.

if w close at the lows today , maybe gap down below recent uptrendline today

7/30/2010 11:02:00 AM
Tom said...

also note the MACD bullish cross in the VIX and the recent bearish break down of uptrendline in SMH

7/30/2010 11:06:00 AM

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