Maybe today is a sign that we can gradually move modestly higher without getting crazy.
I think the market had been pretty weak, and then we saw a little bargain hunting Monday, ... But those same people hunting for bargains yesterday got a little spooked today when they saw the AMD warning and the Alcoa miss.
Today was a good healthy profit-taking day. There were no particular leaders, and it was a pretty broad-based sell-off, which felt good after the recent run that we've had.
Today was a holiday for some people and that's why we had light volume,
What we're hearing is that today was predominantly short covering, ... I know that there's people that have cash and are stepping in when the market's down.
The S&P lost 50 points last week and today we gained back four. This is not great.
The magnitude of how many people were involved today caught people's attention in a way it hasn't before. People are no longer convinced these attacks are random and they are starting to worry about how they will affect the economy.
It's a fairly impressive rally. There's some serious longer-term money flowing in today (Wednesday). We continue to get positive indicators each day.
This may not be the bottom today (Thursday), but we are getting very near the point where it's interesting to buy these stocks.
The latest news of the missile strike in Gaza pulled the legs out from under buyers. They stopped buying today and the market just pulled back.