The current rally begins to resemble the rally we saw in October 2008, and we all know, what happened then.Normaly a close above the upper Bollinger Band calls for a return to at least the 21 day moving avg., but when the the VIX don't get there and swings around and turns higher before hitting the 21 day moving avg. that could be very bullish as we saw it in October 2008.
I will not say, that the current rally will be as big as the rally was, but the potential certainly is there.
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