Market Finds Its Footing

The market saw some heavy selling pressure this morning, but it looks to have peaked. The sentiment indicators I follow showed some extreme readings, which may have helped stem the selling tide. To wit:

• The ARMS Index hit 2.46, a high reading
• The put/call ratio hit 1.42, another extreme reading
• The ISEE fell to 59

After the selling ran its course, GS bottomed and rallied back into positive territory. Growth stocks overall held up well, and the NDX soon rallied back into the green as well.

There is still a lot of trading left for the day, so anything could happend. But so far, this is constructive action.

Here are some stocks making notable, high-volume moves:

• OMCL, TEF, SNCR, LDK, ESL, AAPL, FLR, JASO, VDSI

long AAPL, GS