I think the late 20 point rally was the bounce that was supposed to happen tomorrow morning, it could rally into the close again maybe, I am not sure it will rally in the morning...
I wouldn't be surprized if there will be a lot of volatility in a range in the next couple days first. But... There is an upward move coming. Internals are too oversold. I think next week will be up. Too many stocks have been selling for too long.
Notice, on that chart, there is always an upward move. Even if it reverses after that rally and makes new lows, like in 2001 bear market, there is still a tradable rally.
Or look what it did in 1998. And I think most people are comparing this to 1998, including myself. That reading on MCO was THE bottom back then. It was retested, but that was it.
My 60 min summations are stomped into the ground too. it will take a couple days for them to reverse, thats why I think we'll be treading water first. But who knows, we may start running right on GDP.
I think GDP will be "better then expected" whatever it is. Just because expectations are pretty bad now.
Edited by ogm, 26 July 2007 - 06:20 PM.