Planet Wealth

The market opened lower Thursday on renewed fears that Greece may default on its debt.  The downward trend was then buoyed by a surprising rise in jobless claims.  Around mid-day the market made a double bottom on the 3-minute chart and then took off to the upside, recovering most of the 150+ drop.  Today was a perfect example of why to keep the volume turned off of the financial TV networks.  Commentators were explaining the the sudden reversal as reaction to a rumor that AAPL was going to announce a 4 for 1 split.  Pulleassee....Although not a popular belief, it has been mentioned here that the US Dollar is overbought short term.  Look at the charts, the US Dollar began to move lower and the market moved higher.  It is as simple as that.  The US Dollar was quite a bit higher based on the overnight news, but actually finished lower on the day.  The market still remains inverse to the movements of the dollar.