It’s been another impressive session for the market considering the pre-open trading saw the Dow off as much as 500 points, and during the session, the index tumbled quickly -399 points.  The rally came much sooner in the session than I thought, it underscores once again, there are buyers lurking and ready to make their moves on dips.

What hasn’t happened yet is for the majority of fence sitters getting seduced off the sidelines.  The more the market makes these intra-day reversals, the more likely buyers will emerge.

There is no doubt stocks look attractive, and without all the headlines and unanswered situations, I think we’d see more bottom fishing.  Of course, central to this entire shakeout process has been removing confidence, and its unlikely recent sellers will become brave enough to buy overnight.

Macro observations on today’s session:

• Safe havens are getting hammered.  Real Estate, Health Care and Utilities are seeing substantial selling.
• Energy higher on “news” of lower outputs that OPEC has telegraphed for weeks.

• Big banks continue to act better, led by Goldman Sachs (GS,) which has finally come to life.
• Very beaten down stocks are catching bids helping GE, Ford (F) and DowDuPont (DWDP).

Moments ago, President Trump said the market swoon is temporary and would turn around once trade deals were done.  There is more to the selling than the trade deals, but a deal would crush the negative narrative and tone of financial media that has been determined to derail the president even if means derailing the market and even the economy.