With all the things that have happened in the financial market this year and all the uncertainties in the economy, we still have many things to be thankful in this Thanksgiving. With that said, I hope everyone is having a very happy Thanksgiving.
From my last post on November 23, 2008, the market sentiments were indicating some sort of relief rallies are coming. Based on the last three trading sessions, it appears the market has not disappointed us. Now we need to reassess and determine if these rallies will continue or the market will revert back into it primary downtrend. Simply inspecting the trendlines on the major indices, they all appear to be hitting resistance. Depending on how these indices perform at their resistance level, these relief rallies could be coming to an end. Black Friday shopping results are expected to be dismal this holidays, again depending on how bad the sales results are will determine how quickly the market will drop back into its primary trend.
After Thanksgiving, look for the market to revert back into its primary trend.
