After a choppy start, the quarter end rally took hold on more European crisis solution meetings. Once the train got moving the bulls piled on. Breadth was 2:1 positive but the NASDAQ and small-caps underperformed. 12-month new lows continue to outnumber the highs by a very wide margin. The biggest and sharpest upside moves almost always occur within downtrends and could last for another day or two. On the other hand, we have to keep on open mind on an intermediate bottom if the European crisis is solved in a timely manner.
