Dear Friends,
Today after Big Ben's testimony talk, the market goes down a bit. But it hangs there. Now at 2pm EST, market goes back up to triple digit.
This is the summary of the speech:
http://www.marketwatch.com/story/fed-ready-to-act-if-stresses-mount-bernanke-says-2012-06-07
Today we got a surprise cut by China in interest rate which is certainly a booster.
http://www.marketwatch.com/story/chinas-pboc-cuts-interest-rates-2012-06-07
Maybe S-chips might be rising 2moro. It might be am injection that is needed. Let us see...
Unbelievably, Dow Jones have risen for 3 consecutive days, and by triple digits for yesterday. Maybe 2day will be one. It has almost erased this month's drop so far. Quite a remarkably volatile month so far.
So far this rise is difficult to explain using technical analysis especially after S&P500 drops below 200day MA. Remember the whole world shouting BEAR just 3 days ago? What about hedge fund dumping their shares or the trigger stop? None has happened so far.
I like to study fundamental economical data to know the direction. Do still take note that this month's economical data should remain weaken than estimates. And 2moro is Friday, expect some profit taking after this strong run these 3 days.
GET ready for EURO CUP football GUYS! OLE OLE OLE....
Rgds
Daniel
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