Equatorial Countercurrent

Yesterday's end-of-month, end-of-week, end-of-day high volume jam up of the US market was certainly a sight to behold; and not a pleasant sight for those of us holding short positions.

This was not a news-driven event, but appears to be the result of a large, panic-buying, short-covering, take out the short stops spree.

It also, perhaps not coincidentally, briefly touched the technically significant 200 day moving average on the S&P. While I do not generally subscribe to the many conspiracy theories regarding stock market movements, this one does not appear to be random or news-driven.

More here.

Such is the entertaining stuff that bear market rallies are made of.