Eight Rallies and Counting
Dec 10th, 2008 | By Andrew Gordon | Category: Financial NewsThe market has rallied eight times since it peaked last October. If Friday was the beginning of another rally, it would mark the ninth time.
We don’t know for sure how this latest rally will turn out. But we do know that most of the others were notable for making lower highs and falling to lower lows than the previous dip.
They also were triggered by some sort of positive government action, from the 75 point hike in January to the fiscal package in April to the Citi bailout a couple of weeks ago.
Source: FusionIQ, Bloomberg
That makes Friday’s little spurt upwards different. It was triggered by a slug of bad news… from record highs in job losses, foreclosures and late mortgage payments.
The SPX is once again hitting its 30-day moving average. It has provided firm resistance since September. If it breaks above, we have another rally on our hands. But only time will tell how sustainable it is.
As I said in the article above, I don’t believe it marks a turnaround. But I wouldn’t be surprised by an end-of-the-year rally.
Source: Eight Rallies and Counting
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Andrew is currently the Editor-in-Chief of two monthly investment research services INCOME and The Wealth Advantage. He has also become a leading expert in utilizing Exchange Traded Funds to profit from rising and falling market sectors.
