Acting like a stunt driver on steroids, the market continued its too fast, too furious thrill ride on Tuesday, doing its best to cram as many cliff-hangers, hairpin turns, and wild boomerangs as possible from bell to bell.The recent volatility has delivered acceleration and exaggeration with a vengeance, and along with it the potential for out-sized gains for the very nimble. For those lacking lightening-quick reflexes and the abililty to hyper-focus in the fast lane, however, the terrain has been treacherous indeed.The intraday swings in both the indexes and individual stocks have been nothing short of breathtaking, with Tuesday's grand finale skyrocket truly something to behold. Stocks that were down sharply in the morning and looked ready to tumble to new lows late in the session instead abruptly reversed up as if shot out of a cannon, racing upwards to close with significant gains on the day. A Greek rescue? A Bernanke sneeze? A pundit's proclamation? Or possibly something infinitely more interesting, and far more reliable? Take a look at the charts below and see what you think. Major indices simultaneously found important support levels, and the intersections and crosscurrents in the $SPX chart in particular are fascinating and compelling.
It's too soon to know if Tuesday's late-day rally into the close was a bear market rally destined to fail as quickly as it appeared, or if a significant low was printed as converging support levels came into play. The $VIX and internals were not confirming the early weakness, and the underlying bid was palpable even as the indices were mired in red. This is going to be an interesting month.
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