We had a sharp bear market bounce today after spending 3 days trying to break out of the 112-115 range on the SPY. Buyers held firm again at the recent low. The move was big and breadth was strong, but volume was average. It certainly is possible that today’s action will mark a major double bottom; however, it isn’t unusual for the lows to be tested again several weeks out. Chances are good we may see some follow through to the upside in the next few days, especially with month end mutual fund money and Ben Bernanke on deck Friday. Once Bernanke is out of the way, I wouldn’t be surprised to see the bears show up again.
