Looking better for the bulls
Posted By Mike On Feb 1, 2010 @ 4:01 pm In charts | No Comments
We’ve rallied and then drifted higher all day, instead of falling right back like after last week’s little rallies. In the process the Dow has formed a contracting triangle, indicating more upside in store:
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Source: Prophet.net
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Also a weak day for the dollar and good day for commodities, especially platinum and palladium (I was stopped out of both positions this AM for nice profits). I’m waiting on another short entry in that space, though I remain short Ovaltine (cocoa and sugar).
UPDATE (post close): We’ve got a breakout from that triangle…
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Article printed from The Sovereign Speculator: http://sovereignspeculator.com
URL to article: http://sovereignspeculator.com/2010/02/01/looking-better-for-the-bulls/
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