Market Comments June 9, 2009  Current TSP Share Prices

Today's Comments (Short Term Outlook)

Bullish sentiment on the rise Stocks were down most of the day yesterday, that is until Nobel Prize-winning economist Paul Krugman’s prediction that the recession will end by September.  Buyers then stepped in big time, taking a triple digit loss strongly into positive territory, before some late selling. the Dow ended up 1-point but the other major indices ended down slightly.       The S&P 500 is nearing an apex that will break one way or the other.  The way things have been going, it wouldn't surprise me if stocks broke to the upside, but with strong resistance overhead, the market being overbought, and sentiment getting overly bullish, my money is still on the sidelines.                  Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk Speaking of sentiment,  SentimenTrader.com's AIM indicator, which is a compilation of several sentiment indicators, is back above the extreme levels of bullishness.  It has been well over a year since we have been at this level.                                      Chart provided courtesy of www.sentimentrader.com The short-term to intermediate-term trends remain up, while the long-term trend is down.  With the S&P nearing that apex where the trends meet, we may know soon enough if the shorter term uptrends are going to be able to overtake that downtrend. That's all for today.  Thanks for reading!  See you tomorrow!