On the daily chart notice we're in a very bearish position. Prices are moving lower, prices are below all the SMAs, the shorter SMAs are below the longer SMAs and all the SMAs are moving lower. While the chart today printed a hammer, we printed a similar bar a littel over a week ago and it didn't do much. However, today we saw lower volume which could be encouraging.
For the second day in a row prices opened higher but were unable to maintain their upward momentum. However, prices today closed above the lows of Friday. In addition there were two bars moving higher at the end of trading with strong volume surges. However, I wouldn't get too excited about that just yet.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.