Today’s Golden Sunrise 

Monday, April 05, 2010 

Hours of research consolidated for you

 

One direction only: Markets have gone up without much pause since February 5th. On the premise that the technicals have everything baked into the current market price and during that period good news has fueled a rise and bad news has been ignored, I have two charts:

41spy.png

 

The expectations are that markets will continue to go higher. Everyone is bullish, the bear ratio has fallen to 19.1, and there is only one direction this market can go..up.

 Thursday’s SPY on a 10 minute chart:

41spy10.png

Huge gap up…sell off..rally into the close on the day prior to the big jobs report on Friday. The report, according to some, came in worse than expected, but was positive in it’s’ impact on the market. 

  • Thursday’s trading volume ended the day down 894 million shares from the day prior, which at 4.671 billion was modest.
  •  At 10am, the first half hour of trading, the S&P was up 11.3 and the Dow was up a big 91.3.
  • During the last hour of trading, the S&P rose 4 points to finish up 8.6..the Dow gained 43.8 points to finish the session +70.4.
  • The trading volume in the last hour was 458 million less than the last hour on Wednesday.
  • From 10 to 3pm, the market was pretty negative in between.
  • The Nasdaq volume on the day was a negative 104 million shares but during the last hour the shortfall was -263 million as that index moved from -6.1 (at 10am +24.6) to end at +4.1. 

Don’t know quite what to say other than there are some other opinions which the market will weigh and draw its’ own conclusions.

 Anything can happen-Mark Douglas 

JohnR

Goldensurveyor.com         

 

Golden Sunrise is the Golden Surveyor’sbroad-based market and world view. 

 Written daily 4am-7am by markets information specialist GS John!