Today is a great example of how program technical trading (designed by the "quants") rules Wall Street.
It's true: the stock market is a giant casino, manipulated by giant investment banks that are subsidized with our tax dollars. But only in the short run. In the long run they will all be dead, after making obscene amounts of money.(just a little dark humor)
Don't be fooled, this is a technical bounce. If you get in now you will get your face ripped off.
The price differential between near term puts (short bets or downside protection) on many stocks and intermediate term puts (ones which expire this fall) is huge. It is larger than it should be taking time into account.
This tells me this rally will fail. We could go as high as 10,600 first though.
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