Thursday, July 16, 2009

MarketWrap : profit taking but still bullish...


A clear case of profit take after a steep climb. The only suprise is the Fkli can find strong bargain at such high lvl. The mkt remains bullish but require strong gains from DJ tonight for another boost. Otherwise, the mkt is likely to experience some pullback first ahead of the weekend.
Its risky for posntion long at such lvl, given the gap between its last price and 7SMA. Technically, a pullback towards 7SMA can be expected unless external factors continue to churn out very positve gains for few consecutive days.
Focus now : trading-sell for a pullback.

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