Market opened at the Pivot Point and printed a symmetrical day with a rally to 860, a bounce in 850, a retest of the 860 and a final sell-off to close at the opening level. Volume was high.
Lots of earnings today but mainly Morgan Stanley (MS) posted its second straight quarterly loss and slashed its [...]

Same old story with a twist. Relentless selling. Check. New lows. Check. Ugly economic news. Check. General Motors falling 22 percent and almost certain to go belly up. check. Volume was high. Check. Last 30 minutes reversal printing a bullish Doji on the S&P 500. Chec… WHAT!!
The week ended so oversold that shorts were actually [...]