posted by Admin on Feb 8
This was one of the most volatile weeks the markets have had in quite some time. The markets began the week attempting to bounce from near term oversold conditions and rallying to the prior weeks highs. However, they gave way to steep declines on Thursday and most of Friday on a large increase in volume. By mid-day Friday, it seemed like the indexes would finish off the week at their lows but in the afternoon the bulls mounted a strong assault on the bears, firmly reversing the intraday trend. All the indexes finished with slight gains on huge volume, while trading well off their intraday lows and forming a candle pattern commonly referred to as a hammer.
