Tuesday, July 29, 2008
The markets gapped up at the opening and then dropped a touch until they hit the 10 minute SMA. Then they shot higher from 124 to 128.80. Prices traded sideways until they hit the 50 minute moving average a little before 11 AM and then shot higher again. Prices consolidated until noon when prices once again hit the 50 day SMA and shot higher. From 1 to about 2 prices moved lower until they hit the 200 day SMA and then prices moved higher again, closing near the high of the day on strong volume.
This was an incredibly strong day, completely wiping out the losses from yesterday. And just think -- all this happened on the day Merrill Lynch announced a fire sale of assets....