Dow Up 10%: Should You Buy?

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Dow Up 10%: Should You Buy?

By John Lee on October 29, 2008 | More Posts By John Lee | Author's Website

An impressive day to say the least, but we’ve been in such extreme oversold conditions, it was only a matter of time. So the market is up over 10%, should you buy? We’re still not out of the woods yet. Despite the 10%+ move, we are still in a descending triangle and have yet to test the 20-day MA. The only that isn’t convincing is the volume. We did get a nice surge in the last hour, but looking at the entire day, it wasn’t anything special. Our markets are influenced by so many external factors that it is still difficult to determine direction. I say that we must wait for confirmation and Wednesday-Friday will confirm (deny) today’s move.

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