Spinning Out of the Turn

The market gave everyone a few spins today and when they rang the closing bell all one could say was that is was another great day for the transaction business. The bears had a great chance to put this market on the run when they got the DJI down over 100 and the SP500 and NQ100 making new session lows. But quickly the rally began and the short covering became a race. The chart crowd began chanting 'bottom, bottom" and all seemed lost to the bear. However, the market used up a great deal of energy today on this rally and the outcome is still in doubt.