The President's Unusual Speech

PRESIDENT BARACK OBAMA's HOPEFULL LOGO.

"Shares are at bargains for investors with a long-term perspective."

"What you're seeing is profit and earnings ratios are starting to get to the ponit where buying stocks is a potentially good deal,if you've a long-term perspective on it.Consumer confidence is "taking root" with enactment of the $787billion package of spending & tax cuts.There are a lot of losses that are working their way through the system.And it's not surprising that the market is hurting as a consequences."
Tracking the Dow on Friday,06/03/09

15 days to Dow Witching Day expiry.

9:30am:--The Gap-Up.

Positive reaction to in-line payrolls data, slightly worse than expected unemployment rate.

10:30am:--Early gap-up pullback completely.

Crude makes new highs at $45.31; now up $1.64 to $45.25.

11:30am:--Double bottom & triple bottom for morning session.

Crude oil makes fresh highs at $45.68; now up $1.95 to $45.56 :

12:30noon:--Morning session closes at day's opening with a shooting star.

1:30pm:-Session low with a morning star.(Black bar with a bullish spin)

2:30pm:--Retracement was shortlived followed by bearish engulfing.

3:30pm:--Final day's low completed.

4:00pm:--Retraced & the closing looks like graveyard doji but was above the day's MAV in the bullish zone.Therefore the follow through should remain bullish.

IT's the Morning Star.The technical rebound is underway.

Surging oil prices might lift energy stocks to ensure the pre-planned rebound.
Next week will be the PIVOT week before the Dow Index expiry on the 3rd week Friday.The High & Low setting has completed so gear up for retracement to the MAV and beyond.