The market rebounded on Friday, basically gaining back what it lost on Thursday. Bernanke was evasive(what a surprise), but while he didn't say there would be more QE right away he left the strong impression that it would be coming soon. This helped the market rally on the day. Volume was higher across the board which wasn't hard due to Thursday's extremely light volume. Leading stocks rallied a bit less than the major averages with the leaders index rising .36% on higher but still well below average volume. Both the major averages and the leaders index remain in their recent consolidation patterns. The leaders index looks like a flat base while the major averages, particularly the COMPQ, look like they are forming either double tops or cup and handle patterns. The direction they break out of these chart patterns(up or down) will tell us if this rally continues or fails. Jerry
Reply With Quote