Wednesday, June 6, 2007
It was a garden variety pull back for the stock market today after a decent run and clearly overbought technicals (eg RSI on Dow over 70 for a number of days). The Dow gave back less than 1% as the 20 day moving average on the S&P 500 again provided support. Volume was average at 1.55 bln shares on the Big Board. Only one -1000 tick today which is nothing in comparison to those rough days in early March. VIX up 7%, at one point above 15, but nothing startling. The bears were on such a hiatus during April and May that they're looking a bit feeble in this round of selling.