Hedgehog University Market Commentary - Friday 05/02/2008
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The hint of a breakthrough to the upside this week. The bulls are
cautiously walking the line. The 150 day moving average has been
crossed and is holding. There is going to be some retracement to test
this level. In the meantime, it's OK to take some long positions. We
basically stayed out of the market in the past week but took two longs
today and will search our databases this weekend for more long
opportunities.
Standard and Poors Average (SPX- 1412.90 - 05/02/08)
Last week we wrote: Note how the SPX has reached the 150 day
exponential moving average. Last week we gave you a target of 1400 for
the SPX. It's there. What will it do? Same for the other market
averages/indices. Just like the average member of the fair
sex.....it's unpredictable.
Well, reluctantly, it seems, the consensus is that what the FED and
Congress have done to support the economy and dampen the recession is
working and the bears have been pushed back at least for the time
being.
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