Bizarrely, today traded exactly as yesterday including the Pivot Point bounce. The new high was at 875. Volume was high.
GE and C results plus the Reuters/University of Michigan’s consumer sentiment index rising to 61.9 vs. 57.3 two weeks ago continues to feed the market with optimism

Again broad-based selling from the start but this time once the 780 support was taken down the selling accelerated but at no time there was a sense of panic. Last 2 hours of trading show price recovering from oversold intra-day levels but ultimately failing again to close near the lows. Volume was high and it [...]

The day started with a quick sell off of yesterday’s FOMC rally followed by surprisingly strong consolidation action in the 780-790 range and ending in a strongly fought battle to take down the 780 support level that ultimately was unsuccessful. The CBOE Volatility Index (VIX) surged 9.0% ahead of the triple witching Friday. Volume was [...]

The trading day was characterized by an unstoppable follow-through rally to the November lows. Volume was high and very little profit taking took placeBank of America (BAC) CEO Kenneth Lewis said his bank was also profitable in January and February thus joining his C and JPM buddies in what can only be described as a [...]

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 [...]