Wednesday, March 4, 2009

Stocks bounce

Buyers returned to Wall St today breaking a five day losing streak as the Dow closed at 6875 and the S&P ended the day at 712. Indian stocks also found their legs Wednesday as equities rose 1%. The Sensex closed at 8446 and the Nifty at 2645.

After Monday's bloodbath, the relief rally was not unexpected, especially given the alignment of Sun, Venus and Jupiter around the same degree of their respective signs. This was enough to negate the bearishness of the Venus-Saturn aspect, at least temporarily. Another up day is possible this week from this positive alignment but once it begins to dissolve, the bears will likely return.