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Dave’s Daily

By Chart School
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MARKET COMMENT

Courtesy of Dave Fry, October 6, 2009

SHORT MEMORIES AND GETTING AHEAD OF THE NEWS

We do have short memories don’t we? It’s like the last two weeks of bad news never happened. The anxiety to erase old news and grasp fresh green shoots is intense and fully operational. So, when Australia raises interest rates this is the “green shoot” for the day signaling a recovery.

Volume did pick-up substantially today from yesterday’s anemic levels which is good for bulls. Nevertheless, volume does remain below average considering this week’s equity price gains. Breadth was quite positive as short-term oversold conditions were just that—short-term.

Read all of Dave’s Daily here. >>

 

 

 
 

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