A huge rebound day for bulls allows the recent roller coaster to continue. We are still trading in a defined range so no major direction is in place yet but we may have a better idea sooner than later. Stay sharp (aka frosty) out there!
Interesting Reads: QE3 Has Already Failed (ZeroHedge), 90% of Top Retailers Don’t use Facebook (IBD), The Rise and Fall of Yahoo Infograph (TC), Bye Bye Carol Bartz (WSJ) Obama preps $300 Billion Jobs Package (Bloomberg), Sprint to Get iPhone 5 (WSJ)
|Trend||Nasdaq||S&P 500||Russell 2000|
|Short-term||(+) Up||(+) Up||(+) Up|
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
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