Thursday July 16, 2009 - 03:07:32 GMT
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Forex Hound - www.forexhound.com
Is This the Start of the Next Bull Market or Massive Short-Covering Rally?Todayâ€™s sample of Futures Analysis from FuturesHound.com
The September S&P 500 opened higher and never looked
back today fueled by increased demand for higher yielding assets. This weekâ€™s rally has been triggered by a
perfect storm of better than expected earnings reports and friendly economic
data releases. The size of the move
over a short period of time has many traders questioning whether we have
reached an overbought status.
The fundamental traders will argue â€śnoâ€ť as they believe that
the best is yet to come because of the plethora of earnings results still
unreported. Technical traders are most
likely leaning to the overbought side as chart patterns indicate the stock
indices may be too far ahead of themselves.
The next two days will be interesting because major banks
report and options expire. In the case
of the banks, there is always room for a surprise number which could put doubt
in the head of bullish traders. Option
traders may also see surprises as it seems the rally this week may have been
designed to stick it to the bears.
Sometimes the markets swing on both sides of the plate before option
Read full article at FuturesHound.com as well as Futures Analysis, Futures Education and
exclusive timely market Gann Analysis
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