The Refco Bottom
I am cutting out early today. But if the market finishes strong today, we will have to label it the "Refco bottom". This would be the classic crisis event that coincides with a peak in selling. And when everyone who wants to sell has already sold, the market naturally lifts.
The volatility indexes spiked today, as did the put/call ratio. That means that if the market starts to rally, blowing out those puts and short covering could add fuel to the fire. This is what I'm hoping kicks into action next week.
Have a good night.
(Check out the reversal in AAPL, SBUX, JNJ)