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Post Market Analysis, Friday February 5, 2010: Stength Into the Close... Reversal?

|Includes: DIA, SPDR Gold Trust ETF (GLD), IWM, QQQ, SPY, UPRO, UUP, XLF

 The markets were down hard today, but reversed in the last hour and rallied harder into the close. Volume stepped up and confirmed the move as well; 100 million more shares of SPY traded today than yesterday. The VIX, TRIN, TRIN/Q, TICK, and TICK/Q all gave strong confirmation of a reversal here. On the daily chart of SPY, we have a thrusting hammer on strong volume after a down leg. I am looking for a small bounce here. If we get a lower swing high, then the bear trend will be strengthened.

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video analysis

Happy Trading,

Jason