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Good chart action today on both the QQQs and SPYs. Looks like at the least a pause in the downtrend. Not close to calling it a reversal and won't be anytime soon.
I think the freak out over Snap Chat the other day signaled a lot of irrationality in the market. We have the best chart action right now since early March. Some positive divergences on various indicators, volatility is trying to come in and it looks like things like high gas and food prices are starting to put the kibosh on things.
Home sales and the related are starting to take a huge hit which is actually good. High gas prices are doing what the Fed didn't, wouldn't or couldn't do, which is create some demand destruction.
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