Wednesday, August 24, 2011

This from IBD's morning commentary on yesterday's action:

"The major indexes soared broadly Tuesday, giving the market a hopeful sign.

The Nasdaq bolted 4.3%, the S&P 500 3.4% and the NYSE composite 3.3%. All closed right at their session highs. Volume rose on both major exchanges.

Tuesday's big gains along with the higher volume constituted a follow-through, a confirmation signal for the market rally that started Aug. 9.

Although it's historically a bullish sign for the market, a follow-through signal is not the holy grail. So don't start buying stocks with both hands.  The market still faces some question marks."

IBD changed their outlook to "Market in confirmed uptrend."

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