Tuesday, May 11, 2010

An indecisive day

And that's exactly what today was dear readers, an indecisive day. The market started lower but the bulls rallied from there in what I thought then, was a pretty impressive comeback. But they weren't able to hold on to the gains and we finally entered lower for the day. In yesterday's post, I had marked out MA(50) as the level to watch out for today and also doubted if the bulls had enough firepower to break through it in the first attempt. That's exactly what happened today as the markets got rejected at MA(50). In the grand scheme of things, nothing much changed today and the same levels that I had pointed out yesterday remain crucial heading into tomorrow too - 1150, MA(50) and MA(200). This is the link to yesterday's post in case you missed it - Watch out for MA(50)!!

On this day where we pretty much went nowhere, something that did make a decisive move was gold. I will be back sometime later tonight having a look at gold and with a watchlist of some gold stocks.

Take care and good luck!

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