The market certainly looks brighter from the phase chart. It has managed to move to “Accumulation” phase for the first time in 2008.
It will be interesting to see whether this show of strength will continue in the month of May.
Saturday, May 3, 2008
Dow Update
The Dow had a better showing in April compared to March. The index was up 558 points for the month of April, an increase of 4.5%. On Friday, Dow managed to close above 13000 points since early Jan 2008. The job numbers released on Friday showed 20,000 job losses in April compared to 81,000 in March. The unemployment rate dropped to 5 percent compared from 5.1 percent. The job losses were not as bad as market expected and the market managed to clear its 200 day moving average.
The market certainly looks brighter from the phase chart. It has managed to move to “Accumulation” phase for the first time in 2008.
It will be interesting to see whether this show of strength will continue in the month of May.
The market certainly looks brighter from the phase chart. It has managed to move to “Accumulation” phase for the first time in 2008.
It will be interesting to see whether this show of strength will continue in the month of May.
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