If you are a casual observer of the market then your takeaway was that today was just a boring, essentially flat day. After all the Dow only closed up 5 points right?
What you may have missed was that the Dow was down 277 points at one point, the other indexes were all getting crushed too. However at around 12:30 the market started a slow and steady recovery that landed all the indexes green with the small exception of the Russell which ended marginally lower.
The 10 minute chart below shows you today’s action.
Biotech (IBB) held the $357 level like a charm and rallied 13 points to close green.
Bottom line there were some very impressive reversals today, not only on the indexes, but in some sector etf’s. XLF and IBB would be two examples.
See you in the morning.