THURSDAY MARKET WRAP

Late update* Todays action was very strong, and confirmed 90% upside volume, with follow thru FRI....ST bottom at least might be in....it never really matters why....just ahead lies the 200 EMA, we'll find out more very shortly. Strong rally moved prices up substantially, especially in the Transports which were up over 4%.
WHat does this all mean? Is the correction over? Are we on our way to new highs?

I would need to take off my fundamental hat, and put on my technical hat, the one that doesn't ask questions.

We're doing one of 2 things, test of lows complete, OR consolidating the decline. For now as all of the actcion has been taking place UNDER the 200 EMA......until it breaks and holds above, I don't think decline is over.

I did say one of my tools (but not ALL) signalled a bear market is here. It reads today 35.55, it would take a break of prior high 66.48 for me to change my view.....based on this one methodology. I could of course be wrong, or the indicator could stop being predictive....but it has as I said been pretty good, better than good.

SO we're back to the 200 EMA, black boxes watching, don't care what the stories say, just care about the action.....none of this seems real to life on the streets.

D