The Bulls Have the Momentum
After a couple of weeks of slow action, market players were looking for things to pick up after Labor Day. The European Central Bank announcement Thursday seemed a likely catalyst and, indeed, it was. The bears were hoping for a sell-the-news reaction, but they were viciously squeezed as the market exploded higher on rather unsurprising news. Instead of being an excuse to lock in some of the summer's gains, it turned out to be a good excuse to keep the momentum going.
The bears were hopeful that maybe the monthly jobs report would be the selling catalyst they were counting on, but the weak numbers turned into yet another excuse to buy as it increased hopes that the Federal Reserve would be rolling out QE3 at its meeting this coming Thursday....154 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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