Primary Trend Remains Down Despite Bullish Buying At Weeks End [updated]

Posted on June 9, 2012

On Thursday and Friday the bulls took control of the market with a little buying power.

Daily Chart


The bears control of the market was weakened during the week. However, the bears are still in control as the primary trend remains down.


Update: There will be more buying now that Spain has formally asked for a bailout. The question is, “Will there be enough buying to change the primary trend?”. We will find out in due time. Intraday traders should have a lot of fun and those who bought puts for downside protection can take some of those profits in the short-term at least.

Most Recent Articles Published Exclusively at Seeking Alpha

Recent Blog Posts At The Mays Report

Posted in: Market Wrap