Regional blooms further. HS strong on financial/property stocks.Fbm/Fkl produced the strongest weekly gains this year, +53 and +60 respectively as strong US 2Q09 result reignited massive buying interest in the equity/commodity class.
Both mkt closed near record high or near 1-year high on a fresh breakout above 1100. This means strong likelyhood of a 1100-1150 trading range next week. Dilemma: chase the mkt or risk missing the train ?
The mkt is bullish, likely to trend above short term support. But in danger of a sharp pullback towards 7SMA. Next week, new long must have a good stop strategy in place. It may seem way overdone w/o a correction first but mzjor upside target is around 1150++. At moment, selling is for trading or intra-day
Hopefully, BoA and Citigroup will not spoil the party. Let finish the week with a bang…Mr.DJ. !. Their result should provide a better indication of US financial situation, as they are the most affected by the financial crisis, unlike Goldman and JP Morgan, the best of the worst.
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