Friday, August 28, 2009

Today's Market

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Fascinating market yesterday. The market sold off in the morning but then rallied for the rest of the day. Notice how starting at about 11 the market simply turned around and went into a solid day long rally.

Looking at the 5 day chart, we see a trading range, which is is more than apparent on the daily chart:

Sideways prices are the best thing for bulls right now. It allows the buying frenzy to cool off without denting profitable positions.