Sulaman Chaudhry and Andy Cole send: Last week was some of the most bullish trading we’ve seen in awhile. The data continues to be bad, but it looks as though we may see a short-term rally into the early stages of 2009. Let’s not get crazy though, the longer-term trend is still down:

We finally broke above the 50-day moving average on the /ES. Volume is still relatively weak across the board, so the true test will come on Monday when we see more market participation. That 1000 level looks to be within reach, though.

The Financial ETF (XLF) also seems to be breaking out of a longer-term downtrend that began in early October. Keep an eye on that 50-day.

Finally, we have Goldman Sachs (GS), one of the most bullish looking individual stocks that we’ve seen in awhile. GS broke out of it’s ascending triangle last Friday, on somewhat weak volume. We’ll see what Monday brings, but based on price action alone, GS could easily see a move to $96.

Also, check out Apple (AAPL). AAPL has been in the process of forming a descending triangle for the past three months. Now as a company, there are few that can beat AAPL with regards to product and overall excellence. However, there have been a lot of rumors swirling around the Steve Jobs and whether or not he will remain at the company and some analysts believe that his presence as CEO is worth a good $10 to the stock. Keep an eye on $93.15 for overhead resistance.

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