This blog is committed to the serious study and valid understanding of technical analysis and its objective application to stock selection, risk management and execution primarily in the context of trading stocks listed in the Philippine Stock Exchange (PSE).

Wednesday, February 13, 2008

DJIA, 2/12/08



PRICE AND TURNOVER
Close: 12,373.41
Change: +133.40 (+1.09%)
Volume: 694,718,016

MARKET BREADTH (NYSE)
Net adv/dec issues: +882
Net new highs/lows: -42
Net up/down volume: +1,189,043,785

OUTLOOK
The Dow opens higher and retreats off the day's peak late in the trading session managing to finish the day on an uptick. Volume is moderate and majority of the breadth indicators suggest that this rally is well supported. Today's climb comes back to back off a 5 day low indicating that the index may have found a new support and that a short term rally may be forthcoming. The intermediate time frame remains on a downtrend so if this rally does materialize, it should be viewed with suspicion and treated as an upside correction that will be shortlived until objective evidence to the contrary appears.

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