Yesterday I tried to convey a bullish bias that I believed the charts were suggesting, although some charts were decidedly bearish (NAHL, NYHL, and BPCOMPQ). I didn't want to go too far out on limb though as this market was not moving higher in a convincing fashion. Today was a bit more convincing as the S&P 500 jumped +1.34%, while the DOW and Nasdaq posted 0.92% and 2.19% gains respectively.
Perhaps the big money is finally front running
Another sucker rally, or the real deal? - Yesterday was day four of the bounce off of the 200-day EMA as the Dow gained 110-points. It has now gained 368-points since the low made last Thursday.... Current Daily Market Commentary Market Commentary for 6/22/11
Three days? - Is it true - a three day rally? Yes, and having the rally trigger off of the 200-day EMA is a good sign, but the complete lack of volume yesterday makes trusting the rally an issue. The Dow gained 76-points on the day... Current Daily Market Commentary Market Commentary for 6/21/11
It was a quiet day today across the market, but the Greek financial tsunami continues to rise and that's been a focal point across the globe. But come Wednesday, all eyes will be on the Fed as they release their latest rate announcement with less than 2 weeks to go before QE2 expires. Perhaps it's expiration has already been priced in?
As for the market today, the major averages all posted moderate gains amid uninspiring action.
Let's go the charts:
Updated 06-20-2011 at 08:03 PM by coolhand
The pullback continued - The S&P 500 had to hang onto some modest games on Friday just to avoid a 7th consecutive week of losses, but some of the other major indices weren't as fortunate... Current Daily Market Commentary Market Commentary for 6/20/11