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Wednesday Outlook: Bulls Storm In [View article]
What a prudent trader looks for are extreme values before putting in his trades. But the market does not always oblige by steadily heading towards those extreme values, positive or negative.
The readings in SPY and QQQQ were mildly positive as of yesterday, July 7, 2008. It would have been better if there were no rally during the last two hours today, if a stronger, more sustainable rally is to become more likely.
As it is, we now have a premature rally, that began during the last two hours of today’s trading. This also means that the movement will likely be limited before a re-test of the recent low ensues.