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And….That’s a Bear Market Rally

For those that are brave enough to trade this market, hopefully you’ve been using the advice I’ve provided with both SDS and SSO on my newsletter at www.vraletter.com. When I put out the update “What to Buy for a Bear Market ...

Posted On November 13, 20082 MIN Read
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For those that are brave enough to trade this market, hopefully you’ve been using the advice I’ve provided with both SDS and SSO on my newsletter at www.vraletter.com. When I put out the update “What to Buy for a Bear Market Rally” at about 11 AM the market was down 300 points and began to rally. With the close in the Dow at up 550 points we saw an 850 point move higher in less than 4 hours. Talk about an insanely crazy market! But as I’ve been saying, this is exactly how bear market rallies look.

Once we hit the 840 level on the S&P 500 that seemed to have given us a final washout, and when the buyers jumped in, we went straight up from there. Then fear of getting left behind started, and we just kept going higher from there. We finished the day at the highs on very big volume, which is a great sign.

Technically, this has the makings of a good bottom. We had the big intraday swing right at the key support level. We washed out the weak hands on the dip, and then flew higher on ...

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