Better-than-expected jobs news was offset by a strong dollar and an emergency meeting in Europe about Greek debt.  Commodities caught a break from heavy selling but closed well off the high.  Many momentum stock charts are still broken even after today’s bounce and there is risk that they could roll over again.  Even after an ugly week and an ugly daily candle today , the indices are still very close to recent highs and the market did hold above yesterday’s lows.  As long as that continues, the bulls have a chance for further upside.   Happy early Mothers Day.

Related posts:

  1. Down But Not Out
  2. Mean Reversion In Trading Ranges
  3. 06.22.10 – Stalled at the 200-Day Moving Average
  4. A bounce
  5. 03.17.11 – Positive Internals