In V shape bounces, the dilemma had always being whether to chase an overbought breakout. The indices racked up good gains on decent 2 to 1 positive breath. Technology earnings from AMZN, ALTR, BRCM, and APKT are a mixed bag. All eyes will be on Chairman Ben Bernanke’s speech tomorrow. Judging by today’s reaction, the bulls are thinking why hold a press conference if Ben intends to crash the market. Bernanke will probably be very market-friendly, and he will likely make justifications to continue to finish the current QE2 package. It is very unlikely he will announce a premature end to QE2, so enjoy the party and don’t over think the negatives?
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