As you know, Dennis Rodman was one of the greatest rebounders in NBA history. Likewise, after his career, he always had the knack of rebounding into the spotlight in strange and mysterious ways.
Meanwhile, back at the stock market, the ES fucutures are rallying again. The rule is, always fade a counter trend, news driven overnight selloff. Had you covered any overnight shorts you may have held from the day before, and gotten mostly long in the morning in New York, you had a nice day yesterday.
The trend is your friend, until it isn’t.
I thought it would be interesting to look at the hourly bar chart as if the European news driven panic didn’t happen.
Interesting, huh? Looks a litte more bullish. If anything, that panic selloff and the rebound may have put some people on the sideline that want back in. With all that firepower, looks to me like 3704 is the GO-O-O-O-O-L today. At least at 4:15 AM New Yak time.
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For the big picture:
Look Out Bears, We May Be Headed for Excess QE
Charts Show Market Set Up For Santa Claus Rally and Rockin’ New Year
