Top chart is the daily. . .lower chart is the 5 minute.
We got the break I was musing about yesterday, and in a big way.
Today we had the biggest 2 day rally in 4 years, and on solid volume. Things must be (really) good! And this is based on expectations that the Fed is going to lower rates because economic conditions are so bad. Welcome to the bizarro world of Wall Street. The Qs opened at R2 (like much of the broader market) and never looked back, closing somewhere in the neighborhood of R5, which is pretty much regarded as uncharted territory. Tomorrow we may see how much of buying frenzy was short covering, which is the predominate mode of the big hedge funds these days. This may be a timing thing also. . end of the traditionally strongest month, beginning that ole Santa Claus rally, coming off an oversold base, etc. Unfortunately, I was gone most of the morning and therefore missed much of the exuberance. I also missed the head fakes designed to lure in the shorts (could have been me) and thus missed the opportunity to throw a few bucks away on a last 30 minute fade.