Better Late Than Never
So my inclination this morning was a good one-- to let the market rally and watch to see if it built on its early gains and closed strong. This is a change in character from the last week of selling.
Small-caps led the way (+2.5%), followed by the COMP (+1.9%). Among the sub-sectors, brokers bounced back in a big way (+2.6%), followed by banks (+1.9%) and energy (+1.9%). All major indexes and ETFs were higher. The international ETFs also bounced sharply.
Volume ran a little below yesterdays levels. But breadth was solid, and the Hi/Lo index on the NYSE moved back into positive territory.
Oil closed around $60.60, and the 10-year was steady at 4.52%.
I think this bounce could last a little while longer, and then I would look for some sort of retest of the lows. It doesn't have to be a lower low, but we won't know that until we see it.