Have a look at the charts of QQQQ, SPY and DIA which represent NASDAQ, S & P and the Dow Jones Industrial Average indices respectively.
The TWENTY day moving average is still below the FIFTY day moving average. This denotes a bearish edge.
The prices had moved up and KISSED the 50 day moving average.
Let us see next week whether the price can muster enough strength to cross the 50 days moving average or will the price just kiss the average and return back below.
This is not the right time to buy stocks. If you want to purchase stocks, wait till the overall market turns bullish. This will give you a better chance of making profits.
Sanjoy
