GDP Growth Beats Estimates @ 3.5%. Stocks Rise to the Occasion
Oct 29, 2009 Stock Market News, Technical Analysis
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It was a fairly sketch week as the DOW had tumbled the past few days with extremely large intraday swings making it difficult to be both swing trading and day trading which is why i was 100% cash for most of this week and just day trading in our Black Service Day Trading room with the All Star crew and members. I had considered taking up some short positions but had a feeling that at any point the market was going to bust loose again for the bulls and especially wasn’t going to try bet short on the day of the GDP results and hope for the best.
GDP came in @ 3.5% annual growth beating the estimates of 3.3% which sent stocks flying as the DOW closed up on the day over +2% and restablishing that the bulls are still here to play and the bears will back into their cave once again for a nap. It was the strongest growth in two years and broke four consecutive quarters of declines. Analysts are remaining skepticle about the health of the economy as they question sustainable growth in the market.
Technically the DOW is still in this extremely bullish ascending wedge pattern thats been forming for the past 7 months or so. As long as we remain above the ascending support trend we should be able to continue making solid gains on the long side.
Technical Analysis:
