Market Wrap

I have been having problems posting any type of chart or image today on Blogger. So first I want to give a big shout to my beloved Tribe for a great game last night vs. the Red Sox, and moving 1 game closer to the World Series.

Still too early to celebrate, but not to get excited.

Now back to our regularly scheduled program. If you saw the market open this morning, and then didn't tune in again until the close, you probably thought it was a fairly uneventful day. But nothing could be further from the truth.

The market did rally big early on, but then it began to fade. Bonds started to get a bid, the Yen began to rally a bit, and stocks started to sell off. That selloff only picked up steam, such that it began to look terrible for the bulls.

It was looking like another big negative reversal for the market. And those types of nasty reversals usually mean more selling pressure is in store for investors. But before the end of the day, the market rallied again in a big way.

The Nasdaq went from being up +1.0% to going all the way into negative territory, and then rallied all the way back to +1.0% again. That is some serious volatility. I'm not sure what it means, as it could be exacerbated by options expiration, but I'm glad it ended on the upside.

I still think there is more consolidation in store for the market, at least some more chopping around. But action like today does make you wonder if the downside is limited.