As the BS fiscal cliff is working itself out, the smart money is only just starting to come back into the market, the market pops up. :-) Exactly what we were expecting and posted a few days ago.
This is a great lesson to learn if you are new to trading to look for reversals, and then re-reversals after the holidays come to an end.
As we have been saying to NOT FALL IN LOVE with the downside. Now you can see why. :-D
It was not a good day for bears today, but the good news for bulls is that the smart money is not entirely back in the market, and leading breadth and indicators are suggesting there is more up coming. Today however, was a very good victory for the bulls, and confirming that they have not lost hope.
As you can see on the charts, we sold off in globex, but then snapped back hard by the end of the day. There is not much reason to count the last 2 weeks due to holidays and low volume. But the next few days are important, and suggesting there is more upside coming, and more positive news surrounding the fiscal cliff news.
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