I waited all day for that dip and was rewarded for my patience. I know this wont last forever but one thing is for sure it will last for the rest of 2005.
70pts is around 1 standard deviation of the daily returns on the dow - 50pts is around 1 stdev of the distribution of intraday highs and lows from the opening price (using 15min bar data) - in genereal, i guess that perhaps for these reasons, plus the "round figure" factor, these levels might be inputs into statistical models - i ran the numbers a couple of months ago, so the above figures are from memory.
Who is pushing it up overnight, and why? I understand in downtrend, as funds can push up overnight on low volume, then short at open and cover end of day. But in uptrend?
Midnight crew has finally got some help from the Europeans and the Japanese all gunning their markets higher as well.
break up into all-time-highs territory next week at the latest? Nice power move overnite on the YM and lots of small cap stock charts setting up for big moves.