Recently I wrote that as the market was testing its November lows that we could expect a big battle and the outcome was important from a technical point of view. In fact, the market did break through its November lows, and has had five down days in a row. Technically this was important, but proving once again that the market does not know these technical indicators, the market bounced off its lows today rallying 150 points on the Dow. Volume was a modest 1.79 Billion shares. The market had traded higher most of the day paring its gains at the end. Gainers outnumbered losers 4:1. The catalyst was a stimulus package announced by China. It remains to be seen how important today is for the markets, but it is a good sign.
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