Good buy-volume on the heels of Fed comments adds more evidence to our bullish bias.
Anyone watching CNBC this morning before the open was given the message that the market was falling a part as a lower open did it’s usual job of striking panic.
But anyone who has been around the market awhile knows better than to buy into the hype.
How many times have we seen morning reversals?
Successful traders have said before that what keeps things working for them is when they keep it boring.
We’re holding our Buyer’s Caution bias until we either see accumulation, which would make us bullish, or distribution, which would make us bearish.
We still lack upside Leadership, which means until we get it any rally will be suspect.