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Jeff Pierce
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I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More
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  • Markets Continue Bullish Ways 0 comments
    Apr 11, 2013 8:43 AM | about stocks: XLF

    By Jeff Pierce

    Don't let the bears get you down. There's absolutely no reason to suspect this recent breakout on the indexes should fail - at least as of today's close.

    Everything is doing what it should be doing to support further gains. Stay long hopefully you bought the dip like I was advising tradewithZEN subscribers. See this Nasdaq chart for our last buy signal on March 21. The Dow gave a buy signal on March 25th.

    Financials need to hold these gains and push higher. Markets need to continue bullish ways to stay bullish. A pullback here would signify weakness in my book.

    (click to enlarge)

    Bounced right at 50ma. Note the big Nasdaq up volume move.

    (click to enlarge)

    Today's breakout above upper bollinger band looks very similar to that in early March which saw the markets rally strongly for that month. We never want to get overly bullish but right now I see nothing to be bearish about.

    (click to enlarge)

    Stocks: XLF
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