dune, I think the ppt steps in more actively than just the arvo, and it was lucky to have stopped the decline last night. That rally just prior to the closing selloff was classic ppt tho, I agree. Anyway, the technicals are mostly suggesting a swing low last night but I don't think its a hugely strong signal. SPX is still below the 50ma and found resistance below that last night, volume seems to have been lowish, the dow transports showed no sign of recovery from their very ill condition, small caps tumbled about 1% and the overall market (nyse comp) declined -1% vs spx -0.5%. Financials came off about 2%, retailers also, and the only green sector was utilities... a flight to divvy paying stocks. Theres still such a split in the market between stocks tumbling and stocks rising.
The fact that bonds sold off and yields rose is potentially bullish for equities, short term that is, if those funds are being deployed in the equity market. The usd seems to have had a teensy pause in its downtrend.
Anyway, spx price is the major signal and thats a bit bullish for the short term, but its in the context of continuing carnage elsewhere in us markets.. you do have to ascribe last nights 'pause' mostly to ppt... its clearly anomalous.. imho
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