Once the market set a double bottom at the premaret lows, prices were able to climb above the William's Alligator and MOBO cloud. These technical indicators provided strong support throughout the day as prices continued to rise into the close. The LBR ADX showed the strongest reading seen on the overnight drawdown which has consistently led to price breaking those levels on lower ADX readings. This would indicate the move up today was a mixture of fund managers re-organizing their holdings by buying futures to hedge the shorts they were putting on with there stock positions. We saw a massive over-extension from the mean at the close which should provide enough downside momentum to take prices lower Sunday night and into next weeks trading.
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