Last weeks trading was very schizophrenic.

in California: Last weeks trading was very schizophrenic. All five days were down hard, with one of them rebounding about half way through the session to produce spectacular gains. It’s dazzling to see the S&P 500 move up off its lows by over 11% in roughly three hours, but we mustn’t lose sight of the fact it first put in a new bear market low. In addition, little comfort can be gained from the rally based on a comment from Investor’s Business Daily that ” the prevailing evidence pointed to that big up day being the product of technical triggers going off, rather than any great underlying fundamentals in the market.” Still, the four days that closed down did so on below average volume, implying the sell off isn’t showing signs of absolute panic. Only Thursday’s rally produced enough volume to rise above the 50-day moving average.