Buyers Are Still In Control

Yesterday the market gapped lower on the Moody's downgrade of US Treasuries and it bounced right back.

PRE-OPEN MARKET COMMENTS TUESDAY - Yesterday the market tested the bid and the drop was instantly gobbled up. That is a sign that buyers are motivated and the losses were erased in the first half of the day. The Moody's downgrade itself wasn't that significant, but if sellers wanted to flush out bullish speculators, that was their chance. The bond ratings agencies lost all credibility during the 2008 financial crisis.

Daily Bulletin Continues...