based upon recent trading action, the market is getting tire and further short-term pullback consolidation is possible. Any corrections however, would tend to be relatively shallow because demand for stocks remains strong. In the longer term, the path with least resistance is up but it’s going to be a lot choppier.

從近期走勢來看，市場正在變得越來越疲憊，可能出現進一步的短期回調整理。不過任何回調幅度可能都會相對較小，因為投資者對股票的需求依然十分強勁。在較長期內，阻力最小的方向是上漲，但震盪可能會加劇。

buy-on-dip remains the predominant theme though the lack of participation suggested that there wasn’t much conviction behind the bounce so we remain skeptical about the strength of Monday’s recovery. That’s said, over the next couple of days, we could see more range bounces between the 10500 and 10200 levels on the Dow Jones industrial average.

逢低買進仍是市場是主要的基調，但成交量的萎縮說明多頭參與意識不強，因此我們對於市場週一的大漲仍持懷疑態度。我們預計未來幾天，道指將局限在10500至10200點之間波動。

Capital Essence’s “ETFs Trading Map” for October 19, 2009: “…Major Sector ETFs: with the exception of telecom (IYZ), all of the major sectors are at or near overbought territories. Energy and Consumer Staples (XLE and XLP) are most overbought so we should expect at least a …” Subscribers, please login to read more.