NEW YORK (TheStreet) -- After a drubbing in the stock market on Thursday, all four major indexes closed to the upside on Friday. They were led by the Russell 2000, which was up 1.59% to 1151.61 on Friday.
The Nasdaq followed, closing 1.57% higher at 4432.15, while the DJIA was higher by 0.73% at 17100.18. The S&P 500 was higher by 1.03% at 1978.22. The S&P 500, after not having a 1% move either up or down for 62 consecutive trading days, has now had two consecutive trading days with a 1% move.
The volume on Friday was not too bad, coming in at 124.1 million shares. That was still 20 million shares lower than Thursday.
As I had expected and mentioned in Thursday's article, the fact that the S&P 500 held my internal buy trade level of 1957 on closing Thursday was a positive, bullish short-term signal.
In addition, the Russell 2000, of which I have been mentioning as reaching an extreme oversold level according to my internal algorithm signal, turned to the upside at the exact moment and signal on Friday.
So, as my signals have been very accurate at predicting market turns and extreme oversold signals of stocks that could be bought, Friday proved to be a very lucrative trading day at www.strategicstocktrade.com for subscribers.