This was supposed to be a big week for the bears. After slowing down the bullish momentum over the last couple of weeks, it finally appeared as though they might take control of the action, once again.
You’d think that between all the talk about losing the AAA rating and the nuke tests and the housing non-recovery, the bull market (or sucker’s rally or whatever you want to call it) might finally wilt. But today is proving to be just the opposite.
All of the major indices are up over 2% and the NASDAQ has gained over 3.4%.
One trader we talked to, who was convinced that this would break the back of the bull hasn’t given up, calling the situation a “hanging chad.”