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Thursday, October 29, 2009

10/29/2009 After Bell Quick Summary

Three points for your attention:

1. Seldom a V shape bottom like today. Check SPY 60 min chart since the March, I don’t see any sharper reversal than that of today.


2. The real test is tomorrow.


3. SPY has fully recovered the yesterday’s loss, yes, but neither QQQQ nor IWM.


The conclusion is: you might not need to blame yourself for not buying this dip. It’s now too early to say that the bottom is in.

By the way, I know some people will say there’s no volume today. Well, the market has been rallying for months with shrinking volume, who cares the volume anyway, the market has the bless of the Fed’s printing machine.

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