Wednesday, March 25, 2009

Stocks move higher

After a volatile day, stocks in New York ended higher as the bulls pushed prices further. The Dow closed at 7749 and the S&P at 813. Mumbai also built on Monday's gains as the Nifty closed at 2984 and the Sensex at 9667. Obviously, the market is exhibiting far more bullishness than expected ahead of the Sun-Venus-Ketu alignment on Friday.

Despite the strength of this rally, I still believe the bias is down in the near term. It's possible we may see another 3-5% on the upside, but some kind of significant retracement down is beckoning. The New Moon is tomorrow so that may hold some important clues for the next couple of weeks.