By Chris Diodato – TradersBase.com
Yesterday morning was quite interesting. Watching Bloomberg TV, like every morning, I hear the same woman say in the course of twenty minutes.
- Markets are up on strong earnings
- Markets are up on hopes of ECB intervention
- Markets are up on hopes of Federal Reserve action in September
- Markets are up on increased investor confidence
Needless to say, the media had no idea why the market was up, and in the end, investors didn’t either, since the market finished exactly where it started today. Once again, forming a gravestone doji pattern on low volume, we’re back under the 13,180 level on the Dow Jones Industrials. Why is this level so important? Watch to video to find out, and also learn a little about ratio analysis!