Not Such A Bad Day

Overall, today wasn't a bad session. The market pulled back a little bit, which is not surprising given yesterday's huge ramp. Volume rose slightly, but this was skewed early by the options expiration.

The volatility indexes rose, as did the put/call ratios. One negative was the rise in the 10-year bond yield, which finished at 5.12%.

I added a little more long exposure, and will be looking for some strong follow-thru action next week. I think that the combination of oversold conditions and extreme bearish sentiment make the markets ripe for a tradeable bottom. You will be shocked to see where the sentiment indicators stand on my weekend update.

These market corrections tend to run 4-6 weeks. And since the market topped May 5th, we are just about at that point now.

Check back this weekend for the Weekly Recap and Sentiment Check. Have a good one--
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