Courtesy of Investopedia:

A price pattern in candlestick charting that occurs when a security trades significantly lower than its opening, but rallies later in the day to close either above or close to its opening price.  This pattern forms a hammer-shaped candlestick.

A hammer occurs after a security has been declining, possibly suggesting the market is attempting to determine a bottom.

The signal does not mean bullish investors have taken full control of a security, it simply indicates that the bulls are strengthening.

Where’s that kid that used to post in the PG about the reliability of candlestick patterns?  Cause this shit can be seen from outer space!  And check out the accompanying volume…highest in 10 months!

Is this volume the much touted “last bit of sideline money” jumping in (timing the “dip” perfectly) or just a side-effect of the generous volatility of Friday?  Perhaps they got the hamsters running and once again powering the buy-robots in The PPT sub-basement.

And let’s not forget that the Fly’s Brain PPT also called this with its sub-2.30 reading.  So there, double-PPT hammer-age.  Eat your heart out, Thor.

_________

I picked up a boatload of half-position long puts (holding 20 names, all-in-all) in the morning that are sure to fuck me royally come Monday.  Oh well, it’s just money, right?

Off to drink to my impending doom.  In fact, better make that a weekend bender.  Harrah’s Lake Tahoe:  Vex; then the Super Bowl Party on Sunday.  I should be coherent again by Monday night.

That is all.  Fuck the Colts.