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Originally Posted by coolhand

The market posted pretty decent gains last week, but it wasn't obvious early on how the week would go as the 200 dma was being attacked from the previous week. To this point, the bulls have so far defended that key average. Will it hold? Well, NAAIM came in pretty bullish and that's about as strong an indicator as I can point to. Keep in mind that the smart money does not have a crystal ball, but they do have contacts and info that we generally do not. That's part of what makes them smart money.

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Stock prices quickly climbed out of their hole and into gains after markets opened down this week. Following a pullback the previous week, buyers regained their confidence and dip buyers went back to work. Buyers did not pick themselves up; credit for their spark is given to the Federal Reserve's announcement that they will begin buying corporate bonds. Despite the nearly three month rally, the Fed's announcement sent a strong message that they will not let markets fall. Whatever the Feds motive ...