Today’s bullish engulfing pattern looks bullish for guys who have already long. We thought that we are going to hit some form of intermediate top into a correction but looks like bulls won another day.
Under a different context such a pattern is a buy signal but in this case probably the significance is not that much.
Not a great place to long S&P500, probably not a good time to exit as well.
I was vested in Telefonica and got out of it thinking it is likely to go lower. I was taken aback to see the sudden break down today. No news here. Got to check seeking alpha later.
Great Telecom company and should give singaporeans a 6-7% yield but until price confirms a change in direction I will keep watching.
France Telecom also had a downward move. If both Telefonica and France Telecom goes negative on the PMO it could take some time for them to recover.