Stock Market
All comments and Stock Market Ananlysis are made by Guy Brumley. Guy has been trading the Stock Market daily since 1992.
Trading, evaluating stock prices and predictions
Stock Market Commentary 5-20-2009
The DOW gave back 29 points today, after the housing starts number came in weak.
ISRG and FCX continued to retrace to their highs from last week.
The Dow is bouncing off its 20-day moving average as support, and its 200-day moving average as resistance. We are still trading sideways, but are approaching a holiday weekend, which is almost a certain up movement.
The market is digesting the gains of the last two months, and I think we still have 9000 on the DOW as a target. The longer this takes to gain momentum, the more things that can go wrong.
I believe we are in a long-term bear market. I am looking to trade for quick profits. We need to see earnings growth before taking long-term positions.
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