It was another volatile day of action with a good recovery late in the day as oil reversed sharply. Bulls are often gun shy after a big drop and a bigger bounce on the 2nd or 3rd day is still possible. However, we need to be on the lookout for a potential trend change as the market did not bounce as strongly compared to the last two crises. We have a couple strong reports after the close from momentum leaders Deckers Outdoor and Salesforce.com which could help sentiment tomorrow, but so far the reaction had being tame. Like late day yesterday, we were stopped at SPY 131.25. I will be watching that carefully and today’s low for further clues.
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