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Being in cash. Oh and JMBA was up 1.5%.

I talked about the exact low closes in all indexes yesterday. I said yesterday:

Today we had exact low closes on all indexes. The Dow came within 2 points of its 200dma, while the SPX and COMPX broke below and away cleanly. Very bad signs there, but there is support right here due to the February 2007 correction. However, the NDX sits 16 points higher than its 200dma. If it gets there tomorrow morning, then my advice would be to cover up, wait for a dead cat bounce and re-short. Thats my plan from here.

The NDX did hit its 200dma very close to the open when it gapped down 14points. The NDX did close right at its 200dma while other indexes rallied off long tail bottoms. The R2K closed up 2.25%. Thats a 32 point intraday move. The Dow had a 330 point move off its low today. The SPX closed positive and had a 41 point intraday move off its bottom.

I think traders are going to look at the RUT as a double bottom, the DOW rally today off a huge low right at the 200dma, the NDX at its 200dma, the SPX with its HUGE intraday move, all on HUGE volume as a tradeable bottom. People will trade this to the upside, but the low is not in. You can bank on that. There also was a massive volatility spike today in the VIX that reverted.

I don’t normally give a market recap, but I love days like today and I think some charting history was made.

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