We had another very erratic hour of trading to end the day, but it wasn't quite as dramatic as what we saw on Wednesday. After threatening to break down to new lows, we suddenly spiked up in the last few minutes of trading and went out at the highs.
While the market is acting well, it is slot-machine action. There isn't any logic to some of the moves, but if you hit them right, they can pay off nicely.
We now have three positive days in a row as we approach the end of one of the worst months in the history of the stock market. That might seem a bit manipulative, but clearly, there is plenty of bottom fishing taking place. The issue now is trying to maintain discipline while gaining market exposure. It hasn't been possible, and that is causing frustration for many.
I've often written that market moves usually go further than you think, and it certainly feels that way with the spike-up close today. A little consolidation would go a long way toward giving us a healthy market because it would help restore a bit of logic.