a moral victory

If you day trade and you make money today, you really need to buy power bowl lottory since the goddness of luck must be on your side.

The session like this basically said a lot of psychology of the market participants more than anything else.  From where I am perching, it seems like the traders are very jumpy and many of them are very defensive.

A lot of health care stocks attracted buyers. On DOW, mo and  mcd are  the biggest gainners.  When a lot of people feel defensive, it may be the time to be defensive.

Oil retreat helped. The ostensible reason for the price retreat is  the economic slowdown will clamp the oil comsuption.  but that might be just an excuse for profit taking. Because on the other side of the equation, you got a failing dollar.  So, a push to the 100/a barrel may come back soon.

True, comparing with a few weeks ago, some of the stocks may look cheap and there will always be buyers to step in at any price point to time the bottom, but the probability for the market to race higher soon may just a remote possibility.  The odds are that thing will get worse before it get better.

Be caution