A Market With No Memory

After two days of very bearish action the market reverted to the behavior the bulls have enjoyed most of the year. To start the day it totally ignored a huge drop in Japan. It opened down just slightly and then slowly ramped up and gained momentum all day. To cap things off, the Fed's mouthpiece at the Wall Street Journal posted an article late in the day that the Fed will likely to try to convince the market not to worry about tapering the bond-buying program.

Technically, volume wasn't very impressive but it returned to Wednesday's highs and there was solid support at the 50-day simple moving average. As long as it stays above that level, the bears are going to have a tough time....1094 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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