Heavy volume once again. However, late in the day there was yet another V bottom bounce. Breadth was -79%. New highs were 4. New lows spiked up to 1225. Oversold got more oversold. Common thing to do in a bear market.
The futures bounced 20 points after the close. I have no idea what that is about. They are still stretched to the downside.
This is a really, really oversold market.
The VIX popped over 30 today and the buyers stepped in. I do not like today's candlestick for a long lasting low as there is yet another V bottom. However, that does not preclude a bounce from here. I view this situation as a confirmed bull market top. A bounce from here that carries above the Feb. low does not change that. I think there will be a ton of overhead resistance up there. The market has to bounce sometime. With the VIX hitting 30 today maybe the dip buyers will be a little braver this time. If the futures are still up in the morning maybe the rally will stick.
Good article on pumping up GDP. Greetings From Stiltsville : Deficit Spending is not a Free Lunch
Bob
No comments:
Post a Comment