Monday, May 11, 2009

Market Outlook




The market has been creeping upwards since Mar 9, 2009 and it seems unstoppable as fresh traders are trying to enter the market afraid of missing the rally. More and more analysts are now looking for a correction. My sentiments happen to be likewise. I am looking for a correction but it is elusive for now. As mentioned in the last posting, the market are just over-optimistic. As such, even if there is a dip in the market, it is deemed to be temporary.

For now, I am just playing intraday until the market showed me something to play on the downside for a swing trade.

The Dow Jones 30 Index is now close to the Jan 09 high of 9088. Likewise, the S&P500 index is also close to its Jan 09 high of 944. There is a good probability that the market will attempt to touch or break the Jan high before any retracement downwards.

Cheers !
PersianCat (Millionaire-in-progress)