one thing i always keep in mind too is, volume is not always right. Many see big volume in a certain price range or at a given time and think that big buying volume signals a bottom and it's time to get in. The problem I have always had with that is you would be assuming that the big buyers are dead on correct. Now concidering that big money funds are happy just to beat the S&P500 I just can't count on them to be spot on very often.
Im not saying volume is useless but a simple 'big up day + big volume = market will continue to move higher' theory shouldn't be trusted.
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