Look. Here's what I think happened and what I think matters.
We closed yesterday on 5,281,909 volume at .57
Today we had both a higher close and higher volume: 5,462,809 volume at .587
So we had a stronger day than yesterday, closing higher today than yesterday on higher volume.
What tends to happen is that we will follow a bottlerocket day with a pullback into the body of the candle. That would have meant we closed below yesterday's close, which did not happen.
We danced around in the body of the candle, and we saw attempts to take it down, but basically, with only two exceptions, it held at the 618 Fib line of .53 and, as the day closed, the vote was that it made better sense to be in this, even at higher prices, than it did to risk being out for tomorrow and following.
Thats just amazing. This is not bad.... in fact, IMHO its very good.
And lets cover another detail.
We had a gap up on open, Gaps are like windows. They need to be closed.
The thing I dislike about a gap up is the case where it gaps up and does not do the work of going ahead and closing the gap.
I hate that because its like it haunts me. I keep waiting for the thing to fail on me and so, what I tend to do is I hesitate at buying and thus, when a gap fails to get filled, I generally hold back & do not buy.
And the thing is: I think most people who work professionally as traders act the same way because they just do not want the vulnerability.
I like it a lot better when the gap work goes ahead and gets done.
And thats what happened today.
We gapped, we retraced & filled the gap, we closed back above yesterday's close, and we had higher volume.
Nice day. We can punch back up thru .60, which was resistance back in March 2012, and we can also aim at the HOD today, which was .717
Back in 2011, we say a small volume day or two in the .74/.75 range, so, if we work up thru .717, we still have to punch those levels to really take out all resistance and get into the open field.
I guess news will do that for us in the near future, and I think we may very well see some (or all) of these fall tomorrow (or Thrus or Friday).
We'll see.
Even so... nice day today. Poised just below .60. Go baby go!!
L8r
Imperial Whazoo
"Just my opinions, folks. Do your own due diligence & make your own decisions. DO NOT... I repeat... DO NOT make any investment decisions on my comments. They are my opinions. That's all they are... OPINIONS."
