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Pre-market 3/12/08

Strong gains on the prior session following the announcement that the Feds announced they would inject as much as $200B into the financial sector by allowing institutions to put up risk mortgages as collateral to get access to treasury.

The futures market indicates a slightly higher open this morning but everyone seems cautious. From CNBC at 8:20am:


And here my trend table for today:

Intermediate Short-term
Dow Sideways Up
NASDAQ Sideways Up
S&P Sideways Up

 

Only DOW charts today:


 

The Dow clearly bounced back today. The candle is 2.5 times the length of the previous candles. We are still near the bottom of the range and will need a lot of more to really turn this up but it’s a good start. The next challenge will come near the 12,800 resistance level. The 15-minute chart traced a clear bull flag this morning. A long flag pole at the open, a lot of short covering going on. Consolidation right at the 12k level and the uptrend resumed after lunch. This chart makes me bullish for the open this morning morning.

Happy Trading!

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