Thursday, April 16, 2009

Today's Markets

The main point with all the charts below is they have all broken through key upside resistance. That is technically incredibly important. Also note that all three have done so on higher volume totals. If these levels hold tomorrow then the market will technically be in good shape.

That being said, I am still deeply concerned about the fundamental background for stocks right now. The most recent Beige Book showed extreme weakness. While there were pockets of strength, they were more like wishful thinking then actual good news. Of course, that leads me to remember an old trader's adage which is the trend will always go farther than you think....

Click on all images for a larger image