Thursday, March 22, 2007

Stock Update 22 March 2007

The market had a big turnaround post-Fed meeting yesterday.

While I still do not believe we have found a bottom yet this year, I am going with what the charts tell me. As such, I have increased my exposure to 75% equities and 25% Euro's.

PNF chart breakout occured through 279. Chart projects a target of 311.

Daily line chart shows a breakout from the congestion created in the 271-280 area. Remaining above 264.50 was very encouraging. Looks like it will now try to challenge 289.27.
Still in the rising wedge on the Weekly chart, though as of yet the trend has not reversed to positive. Top of the wedge looks to be around 295 if/when the trend reverses.


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