The overstretched gloom was countered by the news from Citibank and the short covering pulled the Dow and other markets up.

One bank's "profitability" does not mitigate the problems around the world. Moreover, this rise does not change the trend to positive even in the short term until some higher levels are surpassed. Savvy traders could still initiate short trades on rise with given stop loss in the stocksweekly.

Fundamentally also, there has to be some signals of reversal in the deteriorating economic data like unemployment, housing and consumer sentiment etc. So, it has to be a cautious optimism in the days ahead.

The levels given in the stocksweekly are still relevant. Trade accordingly!