What a day! There's clearly a ton of money on the sidelines waiting to get into the market. The indices all rallied back from significant gaps down to end the day near unchanged. IIRC, the A/D line was about 2-to-1 negative in the morning but that also improved during the day as money poured into stocks. The A/D line ended the day at 6/5 on the NYSE and 17/13 on the Nasdaq.
This is a tough market in which to be a bear. The bulls certainly got the upper hand today but it wasn't easy. This was one of the choppiest days I've seen in a while. The QQQQ chart below shows how wild today was -- it was a battle royale between the bears and the bulls. My moving averages, which I use to gauge the market's trend crossed three times during the day.
Here's the chart of the Nasdaq:
Hi Mike,
Just a quick comment to say thank you for adding my blog to your BlogRoll.
I've been an frequent visitor to your blog for some time now and really do appreciate all the great trading ideas and resources you make available for your readers.
Jamie/Wall St. Warrior
You're welcome. Thank you for adding me to your blogroll.