Intra Day Market Update – The Squeeze Is On

The way in which this market can shift from despair to euphoria will never cease to amaze me. Yesterday, investors couldn’t flee the market fast enough and the entire banking system looked to be going to zero, but today they can’t buy ‘em fast enough. While we have only reclaimed about half of yesterday’s losses, but as we head towards the close, the indices have recovered from an early downward reversal after a gap higher at the open and are just off the highs of the session.

Financials (+11.51%) have been in the lead the whole day, while energy (+5.42%) sports the day second biggest gain. Probably the biggest positive is that volume is higher than it was at this point yesterday on both exchanges. The caveat, though, is that the pace of trading really picked up on the NYSE yesterday as we headed towards the close, so the buyers better pick up their pace if they don’t want their nice bounce to come on lower volume.

Regardless, the remains one of the most difficult markets I’ve ever had to deal with. I’m approaching my trades right now with the shortest of times-frames and am not at all inclined to be looking for position trades any time soon.