Although the road between the bells was rocky, in the end, the bulls were able to make a decent stand and regain some of the ground they lost yesterday. Breadth was an acceptable 2:1 to the positive, each of the major S&P sectors closed with strong gains, and most importantly, volume, while on the light side again, was higher than it was yesterday. However, treasuries were up once again, suggesting that investors are still very wary of taking on risk.
It was encouraging to see investor step in after the opening gap higher was sold, and again buy the mid-day dip back towards the unchanged mark. Of course, a lot of that has to do with the reflexive nature of this market lately and the propensity for traders to try and ride these extreme swings. At the same time, though, the news out of GE did give the bulls some ammunition during the day. Good news out of a bellwether stock like that can really give a market something to build on. We’ll see if the buyers can keep it up, hold on to key levels in the averages and start to make some progress to the upside as the end of the year approaches.
Stay patient.
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