Indices reversed from technical breakdown & closed green.....quite a feat when sentiment was extremely negative......reversal was so swift that most experienced traders were in disbelief...
This is what is known as "contrary indicator"...when everyone believes we are going down...then selling is almost complete & we turn UP from nowhere.....
Internals of the market were much stronger than close as listed below :
UP volume led by 1.34 to 1 in NYSE & 2.98 to 1 in Nasdaq
Advancing stocks led by 1.56 to 1 in NYSE & 1.76 to 1 in Nasdaq
There were 78 new 52 week highs in NYSE & 11 in Nasdaq
Above stat is much stronger for day 1 of rally when indices were barely green......
Stocks which were UP 4% or more included LVS,SOLF,EGO,CRUS,
SLW,JASO,SOL......
AH Futures UP
AH Asian markets UP
AH OIL & Gold UP
BLOG does NOT give buy or sell.
Saleem
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