However the mood Wednesday proved more upbeat as investors appeared to welcome a report from the payroll processor ADP that showed better-than-expected job gains in the private sector in September, while they shrugged off a dismal reading on Chicago-area manufacturing, which dropped into contraction territory.
Helping overall sentiment are gains in overseas equity markets. In Asia almost all markets closed sharply higher after an optimistic report on Chinese consumer sentiment. The upbeat trading mood spilled over into Europe, where all major benchmarks were showing gains of around 2%.
Now I am going to have to see how the market digests this. The amateurs trade in the morning, and the pros trade in the afternoon. As in, I need to see if the candlesticks towards the end of the day tell me that the market is going to continue to correct or climb from the above news.
Thats the problem with technical analysis. News trumps it most of the time. But the good thing is once the news gets abaorbed and assimilated, the techs take back over again.
Today I will look at a stock we can bounce off the most up list, because I still expect a drop.
Tradinginsider
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