I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Thursday, June 23, 2011

June 23

Another strong bounce off the 200 day SMA. Huge reversal candle on all the indices. Markets closed on a strongly positive short term trend. The COMPQ and RUT not only closed positive for the day, but the COMPQ has almost made a higher high. I still maintain (like I did yesterday) that the pullback was a buying opportunity. I think this market wants to retest 1315-1330 before turning back down.

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