Stocks ended the month with a bang as the mysterious bid that has been lurking came out of the shadows to pummel bears once and for all. Sub sectors have started the basing process and individual charts are attempting to fall in line.
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Other than those still fully long and hoping to repair some of 2008’s damage, not many have been knocking it out of the park in this manic tape. Actually, most traders are going batty just trying to figure out what will happen next. In Thursday’s Tape Talk we pull back the charts a bit and discuss just what’s going on.
As the week came to a close the volume dried up, and traders threw in the towel waiting for any major break. Sectors are mixed suggesting more consolidation ahead patience the prudent trade.
For those that missed the 2008 Tickerville’s Trading Boot Camp, one can now pick up the CDs. Click above for more information.
For weeks now all dips have been met with resiliant bulls, laughing at feeble bear attempts. Thursday however painted a different picture as early weakness was sold all day with no sign of the mysterious bid, anywhere to be found.
