Intermediate Trend Is Positive
04/20/2010 9:33 am EST
Monday’s action was impressive on a short-term basis just as Friday’s decline was concerning. Further corrective action is possible as the short-term action is likely to become increasingly choppy. The intermediate-term analysis is positive as the number of NYSE stocks making new highs and the A/D line both confirmed the highs last week. Therefore, a deeper correction should create a buying opportunity.