Friday, September 24, 2010

September 25th Commentary

The only count I have for a rally this strong today is either a W3 of W1 for yet another leg up to 1200? or a B of an expanded flat. Whatever it is, I think we'll get an answer Monday. This rally so far has been based on the fact that the market was oversold and not much more. We had bad to mixed data that points an ongoing possibility of a recession so going up 2% on news like that is bizarre. Then again the market fell 1000 points and recuperated all of that in less than 10 minutes. In the long run, the market will find equilibrium.

Here is an interesting article on the "rally" this month.

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