Great close – breaking the tide- that’s very constructive

I assume with a little help from Uncle Sam – but whatever, it was important to for a Friday close. Now we might be up for the snap back to Bollinger rally version, we had 2 waves of heavy volume selling today and will have likely a reversal day made over 10% from today’s low. That’s what I was looking for as a snap back rally low. The big mover was the BKX, who made a double low at 46.50 and then rallied 14%. We might get another Monday selling attempt but this time it will turn into short covering, if it does not occur as people might expect. In any case, a capitulation day which turned.

So we will very likely get a brief rally next week but a substantial one. More on that on the weekend – that was an intensive week.

Have a great weekend.

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~ by behindthematrix on October 10, 2008.

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