Happy Ending

Today started looking like another miserable day, until about 11:00 when the market began a slow climb and ended on a very positive note. It was a nice turnaround for a change - no cliff jumping at the end of the day. Traders went home holding long positions.

It's too early to know anything but - take a look at the chart of the Dow (top chart). It's just possible that the market is building a base. This is a healthy way to start a good up move but - only time will tell.

On the other hand, as I've said before, if this level doesn't hold then the market will revisit the Oct. 2002 lows. See the second chart which shows the monthly moves of the Dow. You can also see by that right-most, big red bar, how terrible this month has been.