The run up for the index for the past trading days was capped off with a sell down on the last 2 trading days for this week.
The run up during the past 2 weeks gives us a good indication that the index is well on its way to create more new peaks. As long as the index is creating new higher lows as well, we can go long on our positions.
For the coming week, we may see downward to sideways movement for the index.
Watch out for support at 4330, as long as the index stays above that support level, we still have a good chance of continued upward movement.
Looks like GLO has a new lease on life. Since being in a downward trend since 2007, GLO is now showing signs of resuscitated life. The run up that happened this week seems to be further confirmation of the bullishness on the last days of Mar 2011.
The breakout last Wed from the sideways channel has a target price of around 1000. However, the stock is now overbought so expect some dips to happen this coming week.
There are a couple of good signs that affirms that this stock may be on its way to recovery. One of the sign is the 65 day Moving Average, now seen on top of the other two moving averages. The 130 day Moving Average, though not yet in its bullish position, is getting there and is about to cross above the 260 day moving average. Aside from the moving averages, the MACD is now opening upwards. So the possible dip that could happen this week may be a perfect time to get in the stock for those who are willing to take long positions on GLO.
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