yeah,thats one hell of a tranny surprise for stock_trad3r. he thinks that bull shi# up day on fridays half day and ridiculously low volume was a bottom. then he gets a half assed rally in the morning and thinks we are back in bull mode. he better call Kudlow and have him pump up the markets,i think he needs all the help he can get.
This was just my take on friday, I reserve the right to be wrong. The day after Thankgiving is one of the only days that professionals really do not control, its amature hour. It showed me that there is still a lot of hope and prayer of a bull market by the "dumb money" and that there is plenty of downside to go. Now, that being said the markets have a habit of thrashing you when it looks easy. What I mean by that is that anyone who's read two books on T/A and traded for one month would probably look at a chart right now, emotions not attatched to the conclusion, and say we are heading down. That could set us up for a big short term rally. But overall there are too many things "bad" happening, and not just in the United States, for the bull market to sustain itself. It began in 2003, has already gone on as long as its historical averages would indicate it would, and now its time to go down again. Anthony Tsung and I wrote what I think is an excellent analysis of the current situation which you can read here on ET @ http://www.elitetrader.com/vb/showthread.php?s=&threadid=110508