Looks Like A Short Term Bottom


After flirting with positive territory in the second to last hour, the Dow and S&P have surged into positive territory in the first 15 minutes of the final hour of trading (S&P 5 Day Chart).  In fact, we’ve seen an almost 4% move in the S&P in the last 2 1/2 hours – from 1270 to 1315.

I wouldn’t be surprised to see sentiment turn and more and more people feel comfortable buying stocks in the next day or two – as long as we don’t get any really bad news.

UPDATE (Wed 1/23, 12:30pm PST): The Nasdaq has surged into positive territory now as well, making a 100 point, almost 5% move, in the last 2 1/2 hours (Nasdaq 5 Day Chart).

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