Tuesday, October 18, 2011

Follow Through Day

Unless I hear differently from one of you IBD followers, I am reading that we had a Follow Through Day on the S&P 500, with a better than 2% gain on an increase in volume.

I now look for pullbacks and toss the Bearish bias aside.

We are still under the 200 day moving average on the majority of the majors, which makes me queasy, and I'm surely not chasing this here. If we get a nice pullback, I'll be watching for a buy entry. If not, I'll need a balance area to lean against.


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