There is no doubt that the volume was heavy and this was a true one-day rally. However, the impetus for this rally has to be proven (Citigroup's profits) - that is, Citigroup still has to deduct massive losses from the profit line and issue fully diluted results in April. Nevertheless, it was refreshing to see a strong rally on very, very, very strong volume - so the markets will go green today since most folks think that the rally will continue.
Now, let's not fool ourselves - this is still a bear market and we will still retest the recent lows and head back down to the 6000 mark on the DOW. All of the conditions that have taken the markets down this far still remain the same. I would simply be a seller in any minor strength today...
Enjoy trading!
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