The stock market was quite set up for a fall when late in the afternoon the patriots tossed the bears into Boston Harbor. Bear Market protest? Sympathy with the tea-throwers?
The bottom line is that the evening star pattern mentioned yesterday was not negated. It was not confirmed, either, so we are left waiting.
In today's column I talked about a rising wedge pattern in the S&P 500 and of course that was written when the market was dead flat. But even with the late rally it is still intact. So are falling volume and momentum.
And hey, all you financial editors out there - stop talking about tea-bag protests. Do you have any idea what imagery you invoke? Let's just say it is not crates of loose Lipton tossed gently into the bay.