hopefulone's - almost there - friday, page-209

Hi Red

Good to be back and wow what turmoil on the markets to come back to, but then I've been waiting for a night last night for a while. Nice high volume night on the dow, in fact the highest volume since June 2010 and we had a push down below what I see as the lower line of the long term uptrend channel and a spring up to close higher. Only one thing can do that and that is strong buying from the professionals mopping up all the capitulation selling. That volume should now stop this slide for a bit and at the very least send the market sideways, we are very very oversold. Shorter term we should see a relief rally but longer term we need to see the down trend channel broken and a test back into last nights range on light volume to give a definitive buy signal.

Cheers