Monday, February 28, 2011

Bulls showing their muscle

12:30 pm

SPX climbed above SMA 120 and EMAs are pointing up but didn't give a bullish crossing yet. Daily DMI turned positive! The day is not over yet but a close above SMA 120 is going to cancel the downtrend momentum.

Once again bulls are pushing market up despite mixed economical data. Home sales in December were revised sharply lower to a fall of 3.2% versus the prior estimate of a 2% increase. This is a huge revision but who cares? Add this to even a bigger news, a GDP revision from 3.2% down to 2.8% on Friday, yet the market went 14 points up. The good news for today is that the Chicago business barometer, which also is called the Chicago PMI, rose to 71.2 from 68.8 in January, more than it was forecast. 

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