Thursday, October 29, 2009

10.29.09 - Trend-Day Reversal


This is just the sort of v-shaped turn that the bulls wanted to see at key support, and we are just as much in trend-day mode to the upside today as we were to the downside yesterday.  Speaking of which, volume is slightly down from yesterday, which I also see as bullish as it makes yesterday look like capitulation ahead of the GDP report.  We should be able to get more than a day of gains out of this... but with intermediate indicators rolled over, in my opinion this can only be treated as a bounce for now.

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