$spx, $indu — a reversal day?

Posted on May 17, 2010 by in Letters

Today looks very like a reversal day.  After markets selling off earlier in Asia an excursion over 100 points down was completely expectable.  To reverse field and finish up on the day is characteristic of a reversal day.  As always (readers will begin to think this is our middle name) we are suspicious.  But at the very least for the bull case this is more optimistic than finishing at the bottom.  That would have been a very black bar indeed with pessimistic expectations.  Possibly very pessimistic expectations.

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