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Wednesday, May 12, 2010

05/12/2010 After Bell Quick Summary

I don’t see any tricks today, but looks like bulls are marching into the resistance area above in a possible Bearish Rising Wedge formation which technically does not look good. May be it can simply gap up above the resistance area tomorrow morning like it’s always been doing for the past year. But for now certainly I cannot say that odds favor bulls. And if my calculation is correct, probably, I’ll “WOW” again in tonight’s report. The last 4 times, I WOW-ed were in the 05/03 Market Recap, 04/29 Market Recap, 04/20 Market Recap and 04/14 Market Recap. Personally, I don’t think it’s a magic WOW, it simply could be a coincidence – the market displays different characters in different period, so I certainly won’t read too much into it.


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