Tuesday, March 30, 2010

Market Readying for the Big Up Move

I can't find any reason to be bearish outside of saying that the market might have a shakeout before it runs. After another review this morning, many stocks have finally reached their 20dma's. Others have started to bounce off them. Some are starting to tighten around them, while others are somewhere between their 3rd and 5th weeks of consolidation to the 50dma. I'd bet this market is going to wait for the big jobs report on Friday and react to both the ADP (Wednesday) and weekly claims (Thursday). But the Friday jobs reports could be the catalyst. I don't see any reason why you should not start taking positions off logical areas of support now. I do believe if you were to wait for a little more of a confirmation from the market, mainly the leading stocks, there will still be some opportunities if not all the opportunities if there is one shakeout before we run. Otherwise about the only thing that derails this market now, is a piece of news out of left field no sees coming.

Good Luck

Gennady Kupershteyn

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