There’s still plenty of selling out there but it seemed to let up just a tad today. The S&P 500 tried to bounce back above its 200-day moving average but failed. The NASDAQ, and many individual stocks made hammer-like patterns today. But they weren’t very convincing due to a lack of volume. I got the feeling that the bounce off of the lows was nothing but profit taking by the bears. There still seems to be a lot of complacency in the market too. Perhaps the flood of earnings reports will get people motivated to take some action.
