Day 3 Of A New Rally Attempt; Stocks Rally

Day 3 Of A New Rally Attempt; Stocks Rally

Looking at the market, Tuesday marked Day 3 of a new rally attempt which means that as long as last Friday’s lows are not breached this rally attempt remains intact. In addition, the earliest a possible follow-through day (FTD) could emerge will be this Wednesday if the major averages rally at least +1.7% on higher volume than the prior session. However, if Friday’s lows are breached then the day count will be reset and a steeper correction may unfold.

Day 2 Of A New Rally Attempt; Stocks Negatively Reverse

Day 2 Of A New Rally Attempt; Stocks Negatively Reverse

Monday, February 8, 2010 Market Commentary: The major averages negatively reversed and ended lower on Monday as concern spread that some European governments will struggle to fund ballooning budget deficits. Volume was lower than the prior session on the NYSE and the Nasdaq exchange. Decliners led advancers by nearly a 2-to-1 ratio on the NYSE and the Nasdaq exchange. There were only 5 high-ranked companies from…