Market: 16 June, 2008

Market closed mix yesterday, with the DJIA showing some lost, while the SPY and QQQQ posted some gains. But 1 thing remains the same across all indices...... they are all still oversold.





The Volatility index snapped back to it's 10MA. Those that have went LONG 1 week ago must have captured some decent gains.




The SPY is still working its way back up to it's immediate resistance at 138. The good thing is, the Stochastic is still showing Oversold.




DJIA is in a down trending channel right now.
Seems like there is a tussle around the 12300 level right now.




QQQQ is still showing some strength in it.
A bullish Morning Star appeared right on the oversold region, and stochastic is turning up from 20.
Seems like QQQQ is back into its 48-50 range zone and is heading up towards it's 50 resistance level again for another test.






Summary
The market seems to be very going higher lately, but to what length, no one knows.
It is still very unpredictable (to me) as to which direction will the market go in the end, my take is,
the market will still climb for a few more sessions, reach its immediate resistance (SPY at 138), and then head back to south.

As for me, I'll stick close to my main focus.
Ride on strong trend, enter on weak pull/push back.
Have to keep reminding myself and reread my recent review everyday, so that it sink into my thick skull and come as a 2nd nature.