25. October 2010 22:50
Over the weekend I said the markets were likely to rise today and luckily for me they obliged.
However, the Nasdaq and S&P are both displaying Doji bars today after breaking into their 6-month highs.
I'm seeing the charts getting a little messier, and these Dojis could be a sign of things to come. We're right in the middle of earnings and while the news has been positive up to now, I can't help but feel there are a couple of curve-balls coming our way.
Please keep an eye on your long positions. This upswing is all very well (and has been completely tradeable) but the fundamentals are spurious. The OVI isn't convincing to the upside, some resistance levels are close at hand and generally I'd be cautious.
All the best