Yes, it was narrow, but that is what you would expect from a rescue effort. I mean, these guys have a lot of money, but they're not just going to throw it around indiscriminately. They were buying up the leaders today, hoping the others will follow, in the same way that the leader's fall a week ago started the capitulation.
QQQ was up 11% today, as compared with 6.6% for the Naz, they're pumping the generals. A/D was negative, but up volume outpaced down volume, and there was more volume on down ticks than on up ticks. This was the pros moving in and stabilizing the market. I expect tomorrow they will wait to see if the market responds. If it does, they let it go. If it doesn't, we may see another intervention in the PM. The latter part of this week will be important. I still have my puts in place, just in case.
BWDIK |
