Nov 23, 2004

Slap shot

Posted by Hello

Click on the chart to see a larger image!

Not much stood out in the action today but this driller looks like it is about to join its brethren on the march.

Whether or not today was really a stop hunt was hard to say in the end. The action certainly felt like it was being managed on the way up but in the end they closed them well and the action also felt like shorts being squeezed. I find it hard to believe the upside is the more painful direction for the market to trade now but perhaps I am wrong.

The bond market got a good bounce today reversing some of Friday's losses and that is a solid reason for a rally in equities. Higher rates are on the way for all yields it seems but I guess until they arrive the market does not need to react.

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