About last night… An overnight

About last night… An overnight decline has retraced more than half of yesterday”s 150-point Dow rally from the morning”s low to the afternoon”s high. Another buying opportunity? Or, proof that yesterday”s rally was wrong-headed. Can it be both? Yes, but not at the same time…

Be cautious on giving a pre-open or post-open bounce much credibility — at least, not until it has held above its opening print through the first hour. That could be a major vote of confidence that yesterday”s recovery will resume. Otherwise, there remains vulnerability to resuming last week”s decline, even if only to retest last week”s lows.

I”ll add post-open comments to this thread in the Activity Feed, and encourage you to do the same.