I read in one of the many chat rooms that I follow that Friday's afternoon recovery was due to short covering ahead of the weekend. After all, what would happen if they decided to bail out Greece? A stocks rally? Perhaps.
Today's column talked about a candlestick pattern called a falling three methods. I usually confuse the rising and falling names as the "methods" are the little candles in the patterns middle that are rising or falling. In a falling-3 pattern, the little candles rise (for real!) but the entire pattern is a bearish continuation pattern if found in a declining trend.
Check out the QQQQ chart. It's better than the Nasdaq's.
Hammer Friday? Hammer Schmammer. Where is the spirit of the pattern that is supposed to have a tide rushing out and then tide rushing back in feel? It was like the tide rushed out then it rained. Sure, the water level was unchanged but the source was not the bulls.