Although today’s gain was large, we recovered only about a day of loss. Breadth was around 4 to 1 positive, but the volume dropped quite a bit. We managed to close at the highs for the first time in nearly a month with Apple bouncing back strongly after dropping 17 days in the past few weeks. The strong finish may mean a weak opening tomorrow as eager buyers jumped on the close. Overall, it was a classic low-volume, oversold bounce. We could have a bit more to go on the upside but a retest of the low is possible in the coming weeks. A lot will hinge on the Eurobond discussion during the May 23 EU meeting.
