Did the reversal yesterday signal a strong short term bottom? This hammer candlestick pattern sure looks good.
The S&P 500 closed up after being down by more than 2.5% shortly after trading opened. The bounce back was stoked by comments from Congressional leaders saying they would not push for banks to spin-off lucrative trading desks as part of financial regulation reform – finally some common sense from them, at least for now. Big swings in trading have again become the norm in recent weeks, similar to the volatility that helped define the market during the credit crisis and the early parts of the recovery last year. We should expect to see more as the months continue.
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