Wednesday, April 20, 2011

Best Gains of 2011

How quickly things can change.  48 hours ago the S&P 500 had broken key support, and looked poised for a move lower as the "double top" crowd was chirping (hand raised).  Today, on the back of a slew of better than expected earnings reports the market is having its best day of the year.  Now the conversation switches from breaking support to testing yearly highs - just that quickly!  We're only 9 points away from that stubborn 1340 level that served as resistance a few weeks ago.  I had mentioned earlier in the week that we have only had two instances of three down weeks in a row since the beginning of 2010; after Monday's open one thought this would be the third, but not anymore.  Once more congrats to those who said in the comments section to BUY THE DIP - the only strategy that works anymore.

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