Doing Its Own Thing

Midday panic due to a spike in the yen provided a classic washout and reversal at the 50-day simple moving average, which propelled the market to a strong close. It wasn't a very lively bounce, but breadth was strong all day and the mood shifted to positive after the yen drama. This is the sort of oversold bounce you would expect, but the issue is whether the market can keep running back up.

It probably would have bounced even more today if we didn't have the very important monthly jobs news tomorrow morning. There's been all sorts of speculation about how the market will react to these numbers. I'm not sure if bad news is good news or good news is good news or whatever, but it is very likely that the news will be used as an excuse for the market to do whatever it wants to do....1408 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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