Today the market opened higher on an upside gap Then the market continued moving higher using the 10 and 20 minute SMAs as technical support. Finally, notice the really large move higher at the end on strong volume. That's very encouraging for tomorrow.
On the daily chart we have a big move up from the 20 day SMA through the 10 day SMA. But let's not get too excited. My guess is we've moving into a consolidation phase at best. The recent sell-off wasn't strong enough or deep enough to weed out some of the longs yet.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.