One day Wonder or a Trend reverse

Like yesterday, the market behaved like a yo-yo, only this time, it swings to the positive side.   It is a good thing for the bull, otherwise, Wall Street will become one-side trade only soon :)

Judging from the trades of last hours or so, it is probably fair to say there are more short coverings than buying.  Looks like Bull is not the only one who is jitter, even bear are jittery as well.

Ok, now, we are back away from the oversold territory, will there are be a follow up of today's action?   or is it a one day wonder that provide more opportunity to sell?

If the market reverse here, who could be the leader to lead this market higher?   it is hard to pinpont.   if you do a scan on nasdaq 100,  there are only 15 stocks are above their 50 days MA, and most of them are health care, hardly a leader to lead the tech laden nasdaq higher... 

So, maybe today is just a technical bounce --  after a seris down day, we will see a up day..

Tomorrow, Chairman Ben is going to speak, I am sure the whole street will listen and dissect every word of the speach. So, we may see a quiet day before afternoon.

just be cautious out there