On the left hand, the NDX with a double daily 13, which triggered a powerful short covering rally today up to the gaps the SPX and NDX made two days ago. That happened from new lows, which is basically a good pattern for a low - but today it's also a bit of full moon panic buying. Intraday, we made 10% moves and with a far higher volume compared to the prior days. We will close at the highs today, which is typical for short covering days and should fall back tomorrow as we go into the WE. Next week though should be in a firmer bias - but that we can determine by tomorrow's price action.
Thursday, November 13, 2008
Powerful 13 short covering - market wrap-up
On the left hand, the NDX with a double daily 13, which triggered a powerful short covering rally today up to the gaps the SPX and NDX made two days ago. That happened from new lows, which is basically a good pattern for a low - but today it's also a bit of full moon panic buying. Intraday, we made 10% moves and with a far higher volume compared to the prior days. We will close at the highs today, which is typical for short covering days and should fall back tomorrow as we go into the WE. Next week though should be in a firmer bias - but that we can determine by tomorrow's price action.
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