All of the major averages jumped 11% or more on the week, but according to IBD we haven't had a high volume follow-through day. That's likely due to the holiday shortened week, but this is a bear market correction. Expect some profit taking early next week. Futures are trading lower at this hour and Asian markets are seeing some profit taking.
3 comments:
Nice call, dick.
-DT
Jamie,
Based on your chart of $SPX I am convinced that technical analysis is hogwash. There is no way charting works, you just got lucky.
Just joking, nice call!
Tyler
Ha! Ok, profit taking was a good call up until the last hour, when the key support level was taken out.
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