its not because of the news. Market journalists will ALWAYS point to a piece of news to explain market movement. They always have stories for both sides. more often than not its technical, unless there is a big Gov report or something else major. Market goes up cause the buyers were more aggressive, and visa versa.
AMEN! Isn't it something when they (media) say "The market is up 9 million points today after Peter Pan peed his pants" or "the market is down after warm weather forced a hungry Yogi Bear out of hibernation early. Word on the street is it's a honey of a market today!"
The opinion of the original poster is virtually "worthless" because he obviously has little clue about technical analysis . . . his HAMMER "bottom" claim was the first tip-off.
It's almost as if Baron has several guys that run around ET with a bunch of screen names . . . and they take turns posting these "Big Up Day Coming Today!" or "Black Friday" threads. Truly pathetic.
For what it's worth . . . The reliability of Bullish Hammer Pattern is low. It requires confirmation of the implied trend reversal by a white candlestick, a large gap up or a higher close on the next trading day. If the hammer is characterized by a close above the open thus causing a white body, the situation looks even better for the bulls. The Bullish Dragonfly Doji pattern is generally considered more bullish than the Bullish Hammer Pattern and a higher reliability is ascribed to this Doji than the Bullish Hammer Pattern. Notice that the original poster never even described whether or not the "hammer" the other day was characterized by a close above the open, thus causing a white body.