The market finished the day off the morning’s lows, but without much energy. Its probably normal to expect a smaller ranger day after yesterday’s heavy volume selling. The indices were oversold enough for some sort of reflex bounce today, but the bulls are probably nervous about loading up in front of the jobs report Friday morning. Gaps either way may get filled given the pick up in volatility, but in recent memory Job days had mostly being duds and end up being a range day as so many are anticipating wild moves. Given the oversold status and heavy put volume today, a gap down with good odds would be tempting.
One interesting thing today is that Groupon filed for their IPO. After the huge demand for LinkedIn, it would be interesting to keep an eye on Groupon.
