蛙眼看盘02/19/10

氢氧化钠

A flash back of one week

We have witnessed a substantial change of market sentiment from last week. The herami cross formed last friday is telling sign of how market was feeling last week: uncertain, a sentiment that was outshined by bull's vigor this Tuesday.
In intermediate term, the market has place itself in a position that could go every direction:
for bears, it has reached the doorstep of 1115 resistance, and Fib retrenchment target is met;
for bulls, the momentum is on their side, and the volume is finally catching up.
for pigs, the market is moving back into the congestion area of November, and true, the market may have mixed reaction to FED and Euro zone.


In short term, the "three soldiers" pattern formed this week does hint the uptrend may continue, and next Monday is likely to close green again, given the market sentiment has not changed. I am not a big fans of seasonality, so no comment could be made on bullish monday. If your long position is built last week, you are likely safe next monday. We shall see the market testing 1115 on Monday, and we will go from there.

P.S. too bad I was wrong about market sentiment on Wednesday. I took a light short position at 1104 only to see it forced out by the market at 1106. Guess a red packet from MM is never too easy. Lesson learned: be disciplined.

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