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Stocks Complete Bullish Intraday Reversal

Posted By Barry Ritholtz On May 12, 2004 @ 4:38 pm In Finance | Comments Disabled

I saw some surprisingly negative commentary today, and told Dow Jones why the Bears — who were right up until today — are now (heh heh) wrong.

Stocks Complete Bullish Intraday Reversal
05/12 4:06P DJ MARKET TALK:

4:06 (Dow Jones) More big losses earlier in the session saw the DJIA down
around 170 points. However, with breadth around 10-1 negative and panic
selling spreading, stocks rallied sharply in the final hour of trading to
close mostly in positive territory (only the Nasdaq couldn’t manage it but it
was well off its low). As one strategist says, [: )] the market had a
feel of one that had exhausted many of its sellers and has probably
put in a bottom, even if it’s only a short-term one. The major indexes have
closed above several psychological levels. DJIA up 25.69 points at 10045.16,
S&P 500 1.81 higher at 1097.26, Nasdaq Comp off 5.76 at 1925.59. (NPB)

Look for greener days ahead in the market– at least for the short term.


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