Morning Report Friday 9th October 2015
Stocks have got their "Mojo" backGood morning and happy Friday!OverviewThe ASX200 has rallied a very strong 6.9% from the targeted 4900 support area with today's open likely to take it to a rise of over 7% in two weeks - see chart 1. The Market Matters plan to be long has come together perfectly although in hindsight some of our trade location could have been slightly better!Similarly, the Dow has rallied 1680 points (10.9%) and, as we have previously mentioned, importantly ignored bad news showing a clear change in investor sentiment - the glass is now half full! - see chart 2.Technically, the S&P500 is approaching the 2020 resistance area that has capped the market since the 21st of August, a strong break of this level would potentially see a test of trendline resistance around 2070 very quickly.Where to from here?
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