Bounce Base Should Hold

While yesterdays late panic and the overnight drop to the 1286 area are worrisome, the 1305 S&P area should continue to be an important measuring point.  It appears that the expected commodity sell off triggered some margin calls and were a big factor in the stock market selloff.  Our plan for today is that long positions in stocks that we unloaded on Tuesday’s rally will be reinstated.

7:08 AM CDT