This is What We Were looking For

Posted by Ray on October 28, 2008 under Main | Be the First to Comment

It looked as though the market was going to have yet another day of a downward spiral, but our prediction of a rally came to fruition after all. Yes, we were thinking the rally would not hold unless we had significant buying power enter the market, but the buying did come in after all.

The Dow broke through the 8,500 mark and it needs to close above this mark. It is physiologically important, but also technically important. While the long awaited rally is here we still have an hour and a half before the closing and anything can happen.

This would be an opportunity to sell some loosing positions, but wait before you start to buy randomly. This rally is just a short reprieve from further declines and may not even hold through the close of the day.

We do expect to see a nice close today, for a change.