The Golden Sunrise
The essential morning read for investors!
Golden Sunrise is the Golden Surveyor’s broad-based market and world view.
Written daily 4am-7am by markets information specialist GS John!
Today’s Golden Sunrise
Thursday, June 03, 2010
Hours of daily research consolidated for you
As Good as it Looks?
On May 4th, Investor’s Business Daily switched the overall market Big Picture to Market in Correction from Uptrend Under Pressure. As has been chronicled here, the month of May was a world-wide, across the board horror show for any bullish inclinations declining pretty much 8% overall. Pretty good timing for IBD. After the closes yesterday, IBD has move the Big Picture to Market in Confirmed Uptrend after the follow through action as they have defined it.
Markets were up 2% on volume that was a little on the light side. Asia was very positive with the exception of Shanghai and Europe is off to the races as well with healthy gains. US futures are positive.
The SPY on a daily chart may hold some meaningful information. The average is right back to the 200dma so important to institutions. The volume needs more juice to breed real confidence. The momentum indicator here has turned north and has blue skies and free sailing to the upside. The 50dma provides an easy target.
After all the gloom and doom and the world is ending and Europe is descending into the depths of economic hell and dragging the US with it and and and it can all be cured with a couple of good days in the market.
Let’s see what happens-I will be adding some cautious partial longs on some things I like that have held up decently during the downturn.
Repeat-cautious, phase in.
JohnR
Goldsurveyor.com
