From Dow theory letters
CONCLUSION -- An up-day is an up-day, and this rally "should" carry further just based on the extreme oversold condition of the market.
And remember, Monday is the end of the month and also the end of the quarter, so the funds are going to do as much "window dressing" as possible as they wind up a dreadful month and a God-awful quarter. I told you yesterday in view of the extreme oversold condition of the market to be very careful. I hope you were. What, you were short the market? Don't tell me about it, you shouldn't have been.
I'd be surprised if this rally doesn't carry further.
I guess that's all for today.
Your faithful servant,
Russell
