|
|
|
Volume surged (2.2+B NASD) as the market sold off, undercut the early March lows, then furiously rebounded, posting some solid recoveries with NASD 100 leading the way as it topped 1% (1.2%). NASD +0.9%, SP500 0.67%, SOX 0.5%, SP600 0.78%. A/D +1.4:1 NYSE, +1.2:1 NASD. Classic double bottom action & many are saying this was the bottom. As noted earlier, could be, but that is an awfully narrow & shallow correction for a 7+ month advance of this magnitude. We took some downside gain off the table on that blowdown just for this reason: corrections are volatile, & take some gain when it is in the bag. The market turned Tuesday when financials rolled over, & when they started recovering today, so did SP500. Energy was up as well on in line inventories (oil 58.16, +0.23). Hard to argue with the recovery & will let the market tell us if it is time to start buying in. Have a great evening!
|
|
