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

Source: BigCharts.com

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

Source: BigCharts.com

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.

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Posted in: Market Wrap