Patterns overrule indicators - Stocks rallied yesterday as we continue to see a classic formation play out perfectly. The Dow gained 75-points on the day... Current Daily Market Commentary Market Commentary for 5/11/11
Four days down in a row, three days up (and counting). I had thought over the weekend that the market would find a short term low by mid-week this week, but that's not looking too likely now. Now I'm thinking the weakness comes later in the week, but I'm not so sure we'll be filling those gaps anytime soon so any weakness will probably fall short of those targets. That's assuming we get weakness of course.
Liquidity continues to trump negative news and getting invested on a dip has
As the dollar turns - See below for details. Stocks struggled out of the gate on Monday but by late morning the indices bottomed and we saw some respectable gains by the afternoon. The Dow closed off the highs but gained 46-points on the day... Current Daily Market Commentary Market Commentary for 5/10/11
The market managed to shake off what began as listless trading for almost the entire morning session. But just before noon EST, the market began to rally, and with no headlines to account for the buying spree it should be noted that the dollar began to weaken around the same time.
And with a weakening dollar came a sharp rise in commodities, which saw the CRB Commodity Index tack on about 2% today, with oil leading the way with a 5.4% advance to $102.55 per barrel.
Updated 05-10-2011 at 09:10 AM by coolhand
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