Thursday, June 07, 2012
Market on a high!!!
Markets rebounded from Friday's heavy selling partly due to rumors and hopes of monetary stimulus from the Fed. For such a huge rebound, the breadth in terms number of stocks participating in the move did not impress. Having said that, this is one of the largest bounces we have seen in recent days and SPY for instance took out Friday's sell off high. So, what has changed from Friday until today to justify this bounce? A few fed officials yapped. Yet you have to take this bounce for its face value rather than forming any opinions. Mr. Bernanke is set to appear before Joint Economic Committee of congress to testify tomorrow . So, expect some more strange action from the Market if you don't already experience it. For more chart perspective on indexes follow the link to Fallondpicks.com