FKLI - stays with the bull but keep an eye 8/3/2010

The market continued to go further up. The MACD has even crossed up its zero signal line which is usually more bullish. The ADX has also started to hook up which is making this little bull more meaningful. Though the Stochastic has now gone into the 80's zone which many would call it an overbought situation. Maybe, but the ADX has started to rise, so I would rather watch the MACD from now. Watch out for some resistance at 1307.  I would place my stop at 1280.
 

 
At the weekly chart price has closed above the upper Bollinger Band which is bullish.  The Stochastic has crossed up which is supporting the price action. But the MACD remains negative and the ADX is stilling falling. So the weekly chart is still a  little fuzzy for the time being.

My trading game plan for the moment would be to hold on the buys, place a stop as usual and see how far can this move goes. So far my previous bearish readings of the FKLI still remain intact. I would not get carried away by all the current "war is over" talks.