Daniel J. Zanger is a technical stock anaylist and equities trader. Having turned $10,775 into $18 million between June 1998 and December 1999,he is the world record holder for the largest percent change for a personal portfolio for a 12-month period of time and an 18-month period of time in the history of the stock market. This success brought him coverage from Fortune,Forbes , and Stocks & Commodities Magazines
The market was deeply oversold by Wednesday of last week and most of the leading indexes were finding support at their 150-day moving average lines when stocks bounced up well on Thursday. Yet the real action was delayed until Friday when the jobs number was announced and stocks soared.It now appears that the correction has run its course though some backing and filling could be in the cards from here.Let’s see three of the leading averages.
My short term trading oscillator is coming off deeply oversold readings and next stop at the least should be the zero line with a possibility that we head back up to overbought readings from there.
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