What we are looking at here is a series of 90+% up volume days. Notice how the last couple of intermediate term rallies have begun with a series of powerful up days. As of Friday we've now seen three of these in quick succession. The market got about as washed out as it's ever been a couple of weeks ago. The only time in recent history that may have been more was 98. This is the kind of action one would typically look for after this kind of washout. To many investors IMO are concentrating on the current problems. I think there's a very good chance the market has already discounted the sub prime mess. Now the market is on to bigger and better things. It's looking 6-9 months down the road and as of right now it appears to like what it sees.
Market Direction Change
2 weeks ago