Still Positive On Stocks, Beyond Immediate Term

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Egypt's CASE-30 index has been one of the best performers of the recent global equity bounce, rising 27.5% between March 18 (when we became bullish) and April 7 (when we expressed caution in our Daily Financial Alert). As the chart shows, the index pushed above its January high of 4,800, but failed to sustain it. A weekly close below here could be a negative sign. However, we have noted the possibility of another dip back down towards the 3,600 trough. A bounce off here would set up an inverse head and shoulders pattern, which would be a bullish sign. On