Market Wrap 11/28/2011

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Stocks gapped up hard in the morning off some optimism overseas that europe might take some action.  We had a large gap on the s&p nearly 2.5% and darted higher for the first hour then we just drifted lower the rest of the day till the last few minutes where a big thrust came out of left field.  Volume was nothing special today that would indicate a change in trend but thats been the case for quite some time.  We are in a period of slight distribution where most of the bounces will be on light volume.  Breadth today was very solid across the board over 1500 stocks had moves larger then 5%.  Overall i thought it was a pretty good bounce.  Many are looking at todays bounces as a oversold/relief bounce.  Im not there just yet anytime the russell2k bounces 5% even if it is really oversold I think thats a pretty good start.  The key is follow through, 1 day doesnt mean anything.  If we can hang in there withouth rolling over tomorrow I think that will be bullish.  This market tends to run to the downside and upside for a string of days.  It would not be abnormal to see it thrust for 3-4 days to the upside as thats what we have seen the past few months.  It was a tricky day if you didnt come in long with positions from friday but we still stretched out a pretty good day with some big 15% plus wins in $dexo $eee and a good trade in PCYC which looks like its going to breakout to 52 week highs tomorrow.  Still holding FEED, CXM, OWW.