TODAY'S ACTION

An impressive day to say the least, but we've been in such extreme oversold conditions, it was only a matter of time. So the market is up over 10%, should you buy? We're still not out of the woods yet. Despite the 10%+ move, we are still in a descending triangle and have yet to test the 20-day MA. The only that isn't convincing is the volume. We did get a nice surge in the last hour, but looking at the entire day, it wasn't anything special. Our markets are influenced by so many external factors that it is still difficult to determine direction. I say that we must wait for confirmation and Wednesday-Friday will confirm (deny) today's move.

S&P 500 1-day

S&P 500 3-day

S&P 500 10-day

S&P 500 6-month

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TODAY'S BREAKOUTS & BREAKDOWNS

Today was an impressive day, but volume remained unimpressive. Volume hasn’t really exploded in comparison to the other days in a 2-week period on both the NYSE and the NASDAQ. Remember Oct 10’s volume? That’s what I would like to see, another surge and more participation. I do wonder, “Where is the money flow coming from, especially when hedge funds, retail investors and everyone else in between has lost so much investment capital?” The rest of this week will serve as confirmation days if, in fact, this is a genuine power rally.

We had an incredible number of power spikes today. Most of the top gainers that are up 30%+ or more fit my long/short trading criteria for spikes. We also have a good combination of breakouts from triangles, all-out breakaway gaps, possible breakouts, and possible newly-formed uptrends. I have included 3 breakdowns as well. Of course, one lousy day in the market could kill the prospects of a market-wide, multi-day rally, but that is all to be determined.

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MARKET CARPET & INDUSTRY RANK

holyyyyy...the carpet LIT UP today!

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WAXMAN REQUESTS COMPENSATION & BONUS INFORMATION OF MAJOR BANKS

The bodies of the letters are all the same:

Letter to Citigroup (PDF)
Letter to Bank of America (PDF)
Letter to Bank of New York Mellon (PDF)
Letter to Goldman Sachs (PDF)
Letter to JP Morgan & Chase (PDF)
Letter to Merrill Lynch (PDF)
Letter to Morgan Stanley (PDF)
Letter to State Street (PDF)
Letter to Wells Fargo (PDF)

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