Sunday, January 11, 2009

Technically Precious With Merv

For week ending 9 January 2009
Money Supply

The chart below as provided by Gordon Harms.
For the past few weeks money supply has been growing at a sharply
accelerated rate.

Last weeks sell off relieved the overbought condition while NASDAQ new highs increased and new lows on both exchanges fell to the lowest levels in years. Seasonally next week has a strong upward bias.
I expect the major indices to be higher on Friday January 16 than they were on Friday January 9.
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