As was mentioned yesterday, after the two days of selling the next few sessions would be tricky - indeed that proved true. Once again, just as with the late December action, the S&P 500 broke below its ascending channel but shortly thereafter jumped right back into it, confounding bears. This time it was just a 1 day trip and it took a lot of buying pressure late in the day for this to be achieved. Investors walked in to a gap up open as comments from various Federal Reserve officials were leaked to the press (along with one very publicly on CNBC) essentially refuting the minutes from the central bank released mid week. The message they wanted to send was we are here and will have easy money for you for a long time, you need not worry.
Here at StockTradingToGo.com we have never been in the business for selling stock picks professionally as a service. But on October 23rd I posted 12 Bearish Continuation Patterns with stocks like AAPL, FSLR, GOOG, and YHOO that ended up yielding 50%+ returns with 100% accuracy. Perhaps I need a career change.