Sunday, May 11, 2008
RedDirts Weekly Update
The expected pull back took place this past week although it missed my target by 7 points as the low for the week was 1384.11 instead of the 1377 that I felt would be hit. Here on the Daily Chart it appears some support may be trying to build along the trend line and the 65 day trading band. I'm thinking since the candle for Friday is by no means bullish looking, the market will be headed lower for now.The past weeks BRIC trade finally saw the $RSX breakout above the gap resistance that I've been mentioning for the past few weekly updates. $RSX was up all five days last week and led the BRIC countries with a 10% gain for the week. It was followed by Brazil(EWZ) with a -0.56% loss. Then came the pain, as China and India fell -7.11% and -8.6%. The EEB remained above the trend line even as we witnessed a stochastic sell signal for the $HKO. My trailing stop will determine how much longer I'll be in this trade.
The GreenTrade stocks had some really big winners for the week, led by BWEN with a gain of 21.86% for the past week. It was followed by AMSC with a 14.41% pop and SOLF with a 13.01% gain. PBW was unchanged for the week and QCLN gained 1.82%.
The Moosignal is to stay in cash for another week. Click HERE to read the latest MooseCall by William Dirlam.
One good thing about every bear market is eventually they come to an end, for now this bear seems to have some bite left in him.
Labels: decisionmoose, growth stocks, RedDirts BRIC Trade, sp500, weekly update
Subscribe to Posts [Atom]
Subscribe in a reader
