The market was technically oversold after last week's hard sell off, so Monday's bounce was not surprising. Breadth on the bounce was lousy, however, as less than 50% of the NASDAQ bounced with the index and just over half the stocks in the other two major exchanges managed a positive day.
Many in the market are hoping for a Fed bail out this week. Such hope is not the best platform to base your bullish bets on. In fact, it's a good contrarian indicator that the market has more downside to go. Wishful thinking is always strongest when players are losing money as their positions continue to erode lower.
Could turnaround Tuesday rear its ugly head again today?
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