Ok, I woke up late this morning but thankfully I hit my
target price on Walmart this morning.
The market looks poised to rally today and I see a bunch of great
setups. Microsoft (MSFT), GE and DNKN
all look good. The three stocks that
have been giving me problems these couple weeks all have a bullish candlestick
and are moving up on strength. MSFT and
DNKN are oversold in the stochastics, they also had a stochastic crossover, and
are at the bottom of an upward channel.
All of these are red hot signs of a nice upward move.
Alright, the jobs report was better than expected. It’s the best month we’ve seen since
February. Around 50,000 more jobs were
added than expected and the market responded favorably to it. You can never be sure what the market will do
even when the news is positive because many traders are waiting for QE3 (Quantitative
Easing 3 from Ben Bernanke and the Fed) and the Fed won’t intervene unless they
have too. That’s the reason why the
market has been going up sometimes off of bad news and down on good news. It seems contradictory but ….that’s the
market. Thankfully this time around the
market went up off of good news.
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