After two-and-a-half hours of trading this morning (as of 9:00 am Pacific) the CDNX is up 16 points at 1898. As John’s 1-month daily chart shows below, the Index appears to have found some support in the vicinity of its 300-day moving average (SMA). The chart pattern shows a bottom is trying to form. A close above 1900 today would be an encouraging sign.
Thanks for the update, it aint over till the Bernanke sings!
Comment by Hugh — June 21, 2011 @ 8:34 am
I think the market sentiment is turning the corner as the Greek PM survived the confidence vote, although it’s just delaying the inevitable.
Without QE3, I don’t think the market increase won’t be as explosive as last year.
Comment by Bruce — June 21, 2011 @ 2:29 pm
I agree with Bruce. Once 1920 was broken, I felt 1880 was the key. We hit 1881 Monday. I think a slow upward move thru rest of June followed by a good move in July with a week to 2 week correction first of November. Followed by a strong Dec. I am thinking 2620 by 2012.
Comment by david — June 21, 2011 @ 8:10 pm