Sometimes this job can be a little boring! Indeed, the market has been pointing higher now for 11 weeks and the same upside targets remain. I am still looking for a serious test of the Aug. 2008 highs in and around the 126.24 area. Considering the seasonal nature of the stock market, there really is no reason for stocks to break down in the middle of April. So on goes the march higher!
As has been stated time and time again, there is an old market adage that says, 'Sell in May and walk away'. With this in mind, as a trader, I shall remain long into that seasonal peak unless the 104.15 level is broken (which I find highly unlikely). Investors, of course were given the 'buy' signal last May (when the 13 EMA crossed back above the 30 SMA) and until that changes, investors ought to just sit tight and enjoy the bull run.
That's all for this week,
Brian Beamish FCSI
The Canadian Rational Investor
the_rational_investor@yahoo.com
the-rational-investor.com
No comments:
Post a Comment