"caught the bulls off guard" I read that short interest on nyse was down last month, my take "it caught the shorts off gaurd". Secondly, Re; continued bull market? I'll stick by the Traders almanac and the presidential cycle. The market still has a ways to go up.
When I woke up this morning the Dow Mini was up 100 points on 5000 contracts. Volume today was the lightest since the sell off. I would be more impressed with the bulls if we opened down a tad then rallied all day. The bias was up today but 2/3 of the gains came overnight.
"if there is a recession you should just forget about what the almanac says" Forget history. What is important is todays news and who says it and how it'll be defined a "recession".
i think its got legs from my perspective the institutions got long and defended well lets see if they can hold it the rest of the week
I say we go higher, sellers just gonna stpe aside for now. I bet we finish the summer below where we are now though.
Today, the up-volume compared to the sum of up- and down-volume posted by the NYSE (up/up + down) never dropped below 80-percent up volume and closed out at 94-percent up volume. Think of this as a volume weighted advance decline line. There was a lot of buying today. My chart is an overlay chart of the S&P 500 and the up-volume percentage for the last few days. I post this chart late in the morning each day at my blog, ww.hartleandflow.com.
I can't seem to upload charts. The NYSE Volume Ratio Chart I just mentioned is posted at my blog, www.hartleandflow.com.
this is a bounce that may last a few days, but the next drop will be scary before we either continue higher or drop even lower to Jun-Jul 2006 lows. i doubt we are bouncing from a "V" bottom after such a large 5% drop in a few days, but we'll see http://lauristonletter.blogspot.com/