Not much to say tonight. The scenario penned last night came to fruition today. The market moved up explosively - no doubt powered to some extent by short covering.The All Ordinaries up +1.67%.
Volume was exceptionally high. Volume was higher than during the big pullbacks and reversals in May 2010. I had to go back to August 2009 to find a higher volume. That was during a brief decline and recovery when the recent memory of the GFC played with people's nerves.
Small Ordinaries were up very strongly +3.4%. There'll be some more in this yet.
This may well have ended the correction.
American Futures are currently up nearly 100 points. Although it's some time to go till opening of the American market, rarely is such a premium dissipated - so we should see a strong night in America and that will give our market more confidence for Monday - barring Black Swans. :)
More over the weekend.
Good luck
Red
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