not if but when, page-64

Dow shot up last night. BLY followed the broader market down the last few days. Let's see how BLY follows the broader market in the days/weeks ahead.

It's funny that 2 days ago the conference board reported the US consumer confidence took a surprise dive to 47.7. Last night the ' ... Consumer spending rose at a 3.4% rate, the biggest increase in three years ...' (see http://money.cnn.com/2009/10/29/news/economy/gdp/index.htm?postversion=2009102912)

So when the consumer is depressed and lacks confidence she goes and spends :-) And the Dow responded by jumping a 199.89 points, and US copper is back above $3/lb. The short term guys sold out over the last few days. Now they are going to wait for sp to push through or skip above 'the trend line' and then they will be happy to 'pay a little more' to jump back in, and that's how successive higher support levels are built.

It's fun watching the markets actions and reactions.