Off to the Races!

I think the Market shocked a lot of people today by making such a large volatility upwards price move, both in reaction to the Fed announcing a $200 Billion stimulus package to help the credit crisis, and by shorts covering to avoid being steamrolled (combined with new longs buying in anticipation of a bottom –…

Intraday Channel Action

Today’s action in the stock market was marked by a lengthy consolidation channel, with a mini-breakout into the close, leading to lower prices. Let’s take a quick look not only what happened from a technical picture on the intraday chart, but let’s learn a lesson about channels. This is a textbook example of a consolidation…