Stocks Avoid Distribution, Massive Intraday Support
Posted on May 17, 2008
Filed Under Market Speculator |
Crude Oil was above 127 for much of the morning sending stocks lower. Fueling sellers was a poor reading from the University of Michigan. Consumer confidence hit multi-decade lows as Fuel Prices and the Housing Market are weighing on the minds of Main Street. For those with opinions sold on the news most likely thinking we are headed back for the lows. However, dip buyers began pushing the market higher and by the end of the day had lifted stocks from distribution levels. Volume was helped out by options expiration but the intraday action was mighty bullish for those who are long this market.
Do you get bearish when Main Street is bearish? Gosh no! Main Street just happens to be well behind the curve when it comes to the market. It is when Main Street becomes bullish you need to begin to worry. Right not, the Main Street Media and its liberal agenda is hammering it into Main Street that we are on the verge of an economic meltdown! It is their agenda to push you towards Obama and away from Republicans, Ron Paul, and Libertarians. Simple ignore these cries from these bias media types and see the forest for the trees.
Continue your search for strong growth stocks that are trying to bust out from consolidation patterns. I’ll be posting some charts later this weekend. Enjoy your weekends and don’t buy into the BS being spewed from the Main Street Media.
Market Speculator
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