Monday, February 9, 2009

Today's Markets

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The main story today is there really wasn't a major story. As the chart shows the market has rallied for the last 5 days. There are two uptrends. The first is a slightly upward sloping line that started last Monday. The second shows a steeper run that started last Thursday. Prices broke this trend on Friday and have been moving sideways ever since. My guess is the market is waiting for the stimulus debate to end and for the Treasury to unveil its plan to deal with toxic assets.