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Friday, May 21, 2010

05/21/2010 After Bell Quick Summary

Bullish reversal day, so bottomed? A possible Head and Shoulders Bottom could be in the forming, plus the famous very very bullish Monday, things look a lot like that the market is going to gap up huge the next Monday and never looks back. Wow, making money can be this easy! Well, although I suspect the market action today was simply related to the OE day but I must admit, the daily chart does look good and normally, when the market gaps down huge and gets reversed immediately after the open and heads all the way up to close deep in green, chances are good that we may see a strong push up in the days to follow. The bottom line, although the chart looks promising but the trend is still down, so theoretically the strategy is still to sell the bounce. Have a nice weekend!


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