Market Resiliency

20090705200018-techUS Futures looked like hell this morning, after Global markets got slapped around last night.

And yet the indices scratched out some gains. Even the Nasdaq — the only market in the US up for the year — cut its early losses in half.

Trading volume was on the light side, so go easy reading too much into it.

Regardless, the market has been resilient in the face of bad data, with everyone and their brother expecting a major pullback. Lots of institutions remain under-invested.

I wonder just how  washed out sellers became in the March lows . . .

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Chart via WSJ

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