Who am I to disagree?
I travel the world and the seven seas
Everybody's looking for something
--Eurythmics
Last Friday saw an afternoon rally that pulled the markets out of a nasty decline. On candlestick charts, the result is a candle with a long 'tail' and indicative of a 'reversal.' This reversal was accompanied by relatively high volume as well.
After successive days of decline, such a pattern often coincides with a near term low.
In the Dow's particular case, the reversal also took the average back above the 10,000 psychological threshold after an intraday excursion down under.
This setup could lather up the bulls. However, if Hoofy can't get his groove on after Friday's reversal, then Boo's crew will likely bum rush the field.
position in SPX
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