the only true secondary reaction we have had in this entire bear market was the may rally when we rallied to the 200 dma.... everything else has been ripples through an otherwise downtrend.
if we break the 50 dma meaningfully then we can at this stage declare (at least) a bear market rally a la May.
personally i am not hopeful of that as i believe we have just witnessed a short covering rally due to gov't intervention. i don't believe the DOW and SXP closed at the 50 dma by accident....ie the downtrend remains in tact.
dow closes up 368points, page-15
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