It was another volatile and choppy day. After breaking some key technical levels, which sparked a very panicky wash, the indices spent the next several hours slowly making up ground as buyers emerged and shorts covered. Volume surged and the positive close in the NASDAQ and S&P bodes very well for a potential bounce tomorrow.

Biotechs bounced to finish close to 1% higher on the day while retailers and oil also showed relative strength. After being close to 5  1 negative, breadth improved and while not turning positive, managed to make up significant ground.

The market is by no means out of trouble yet, as some very serious technical damage has been done and will take time repair. We aren't out of the woods yet, but today's reversal was a darn good start. We will see what tomorrow brings, but today was a definitely a win for the bulls.

Rest up tonight and enjoy your evening. Tomorrow will be a very busy day.

Have a good evening.

RevShark