Market: 08 Aug, 2008

Market stages another 2%+ rally last nite on all indices.
This is the 2nd time in a week it does that, and I believe this time, they mean business.

Oil and Gold get beaten up badly.
US Dollar flew sky high, along with all the market.




QQQQ Break out and did a wonderful follow-up job in breaking thru the 200MA too.



SPY ascending support trend line holds intact.



Dow Jones ascending support trend line holds intact.




Crude Oil is a goner.




Same thing with GOLD, a goner.




And US Dollar is getting stronger day by day.
HUGE win and nice breakout thru the $74 and 200MA resistance.
A very significant move.



[Summary]
And here's why I think the market is already on a reversal from Downtrend to Uptrend.
US Dollar shows significant strength.
Oil and Gold gets beaten up badly.
All 3 major indices are holding strong on their support trendline.

The thing is, everything seems to be in an overbought condition.
I'm foreseeing a pullback in the near future. That will be a good time to go for LONG setups.