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<blockquote data-quote="1982vett" data-source="post: 704273" data-attributes="member: 7795"><p><img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite10" alt=":oops:" title="Oops! :oops:" loading="lazy" data-shortname=":oops:" /> What great advice that didn't turn out to be $17.56 a share later. :lol: </p><p></p><p></p><p></p><p> </p><p> S<em>&P Closes Pennies Shy of Yearly High</em></p><p><em></em></p><p><em>By Rev Shark</em></p><p><em>RealMoney.com Contributor</em></p><p><em>10/9/2009 4:51 PM EDT</em></p><p><em></em></p><p><em></em></p><p><em>The bulls made a strong push in the final hour of the week and managed a close in the S&P 500 just a few pennies short of the highest close this year. Volume was a little slower, but breadth improved nicely today. A big reversal in semiconductor stocks and a strong move in International Business Machines (IBM - commentary - Trade Now) led the way. Oil and commodity-related stocks took a rest as the dollar strengthened, but the overall tone of the market remained extremely upbeat. </em></p><p><em> </em></p><p><em> </em></p><p> <em></em></p><p><em>The most notable aspect of the market today was how we once again bounced straight back up to highs after teetering on the brink of a major technical breakdown. Last Friday, the focus was on the poor jobs data, but once we started to bounce on Monday, we barely paused all week. The bounce came on low volume, which typically isn't to be trusted, but that rule of technical analysis has proven to be quite costly since the lows of March. When this market bounces, it just keeps on going, and it doesn't matter what the technical-analysis rulebook may say about it. </em></p><p><em></em></p><p><em>One of the consequences of these straight-up, low-volume bounces is that they create much frustration for those who don't catch the move. All these underinvested folks sitting on the sidelines as we go up become very anxious to buy pullbacks, so we end up with a huge supply of dip-buyers who provide very solid support.... </em></p></blockquote><p></p>
[QUOTE="1982vett, post: 704273, member: 7795"] :oops: What great advice that didn't turn out to be $17.56 a share later. :lol: S[i]&P Closes Pennies Shy of Yearly High By Rev Shark RealMoney.com Contributor 10/9/2009 4:51 PM EDT The bulls made a strong push in the final hour of the week and managed a close in the S&P 500 just a few pennies short of the highest close this year. Volume was a little slower, but breadth improved nicely today. A big reversal in semiconductor stocks and a strong move in International Business Machines (IBM - commentary - Trade Now) led the way. Oil and commodity-related stocks took a rest as the dollar strengthened, but the overall tone of the market remained extremely upbeat. The most notable aspect of the market today was how we once again bounced straight back up to highs after teetering on the brink of a major technical breakdown. Last Friday, the focus was on the poor jobs data, but once we started to bounce on Monday, we barely paused all week. The bounce came on low volume, which typically isn't to be trusted, but that rule of technical analysis has proven to be quite costly since the lows of March. When this market bounces, it just keeps on going, and it doesn't matter what the technical-analysis rulebook may say about it. One of the consequences of these straight-up, low-volume bounces is that they create much frustration for those who don't catch the move. All these underinvested folks sitting on the sidelines as we go up become very anxious to buy pullbacks, so we end up with a huge supply of dip-buyers who provide very solid support.... [/i] [/QUOTE]
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