Okay, I admit it: I’ve become a total media whore.
“Market watchers said the late-session bounce could signal a turning point for stocks.
“This is the type of key reversal day that usually signals a healthy advance over the next couple weeks,” said Barry Ritholtz, chief market strategist at Maxim Group in New York. “Despite all the geopolitical turmoil, you’ve exhausted the sellers today. Now the direction of least resistance is up … anybody who wanted to sell blew out today. This feels very much like a capitulation [market] bottom.”
Earlier in the day, the Nasdaq composite was down more than 2.5%, and other major indexes were firmly underwater as well. Market watchers said higher oil prices, the turmoil in Iraq and concerns about the pace of interest-rate increases were working together to ward off buyers . . . “
There, are you happy now?
