Sentiment Is Improving
It's a summer Friday and volume was extremely light, but the bulls, with lots of help from the machines, walked the market up all day after a sour open. Initially it looked like disappointment over Federal Reserve chief Ben Bernanke's failure to act might provoke more selling, but the bears didn't try too hard. As I noted in my opening post, Bernanke may not have acted, but he did enough to put a bid under the market with the promise that he was ready to act as needed.
I would have preferred to back and fill a bit more before challenging the recent highs, but the fact that there was anxiety about buying shows how sentiment is improving. We still have plenty of potential landmines out of Europe, and the technical picture is a bit cloudy, but the old adage about not fighting the Fed has given market players an excuse to buy....135 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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