After yesterday’s uncomfortable selloff amid all kinds of scary macro news, stocks are already on the rebound, as futures are up close to 1%.
Actually, the rebound started yesterday about 30 minutes from the close when the Dow rallied about 80 points off the lows.
Everytime we have one of these selloff days, the bears think, aha, finally the sucker, government-manipulated rally is over. Back to the lows! And every time, it doesn’t work. Traders we talked to yesterday afternoon were sure that the uptrend was about to be broken decisively. They’ll have to wait longer.
If today’s rally holds — and who knows, it may disappear before we even get to the opening bell — that’d be a pretty nice sign of resolve ahead of a three-day weekend.