Most of the markets have moved above their first resistance levels as per the stocksweekly. It implies that the immediate downtrend has been arrested for the moment and the recent lows are not under threat immediately. But those crucial resistances are yet to be surpassed to get lodged in a positive territory, which looks unlikely considering the lack of faith in the economic outlook all around.

The Dow surged on the fresh promise of 'printing more money' to be doled out to splurging banks. There was just a knee jerk reaction on the Dow to this news but subsequently did not impress the Asian markets this morning. In other words, the Dow may not be taken so seriously by the world markets for its knee jerk reactions until unemployment abates and the relationship between inflation and interst rate is justified besides improvement in other economic data.

The outlook in stocksweekly is still relevant. Trade accordingly!