Beverly Hills 2/4/2010 5:59:26 AM
News / Business

Second Day of Bounce After Market Reaches Oversold Territory

Mark McMillan’s Special Situations blog, EQUITIES Magazine

Market strategist Mark McMillan gives his trade recommendations and talks about the second day of the big bounce.

“The major index ETFs opened higher and then fell in the first half hour of trading moving into negative territory. When there was a lack of follow-through to the downside, the markets began to rally and stopped at resistance in the S&P-500 at just above 1100. The NASDAQ-100 and Semiconductor Index (SOX 328.70 +2.98) rallied up to their 100-Day Moving Averages (DMA). The Dow, S&P-500, and Russell-2000 all rallied above their 100-DMAs. All the major indexes now have a BEARISH BIAS while the Russell-2000 retains a BULLISH BIAS for now. In fact, the Russell-2000 rallied up to the underside of its 50-DMA…”

To continue reading this post and to read more of Mark McMillan’s Special Situations, click here.

 

About Mark McMillan:

 

Mark McMillan entered the world of finance to solve the problem of why and more importantly when the markets will go up and down. He developed a behavioral model to understand what is really happening in the markets and uses it to time the markets. He also uses fundamental research to determine valuations for companies. He combines the behavioral and value strategies along with macro-economic analysis to build a portfolio with both long term and tactical positions.

 

About EQUITIES:

 

Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.

 

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