The stock market indices started the week in bullish fashion and rallied steadily, although in a choppy manner. The S&P 500 had 9 separate waves up and down today, but in a rising channel that ended near the highs for the day going away.
Mike Paulenoff writes that technicals are warning him to stay long dollars via the PowerShares DB U.S. Dollar Bullish ETF (UUP) and the UltraShort Yen ProShares ETF (YCS).
Dr. Julie Peterson-Manz reviews the Around The Horn stock action for January 29, and presents trade ideas that still have the possibility of triggering for February 1.
Even though extensive selling has occurred in a short period of time, the current technical picture of the S&P 500 merely resembles its pattern from mid-June to early July of 2009.
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