What a wild session for a day that was set up to be dull and boring, considering many folks are home on Columbus Day and the banks are closed.
There was pressure out the gate, especially on growth name. But soon all the major indices turned higher, and it looked like the pendulum of fear was shifting back to fear of missing out from fear of getting slammed. But that too faded once the rally stalled.
There is no panic but stoking excitement has been a difficult task, although there are pockets of excitement. Material names are leading the market along with reopening names, including hotels and casinos.
XLB (Materials ETF) bounced off key support point but needs a serious push to reverse the bias higher.
I'm not sure enough investors are around or eager to tackle the last move lower. In fact, it might be a good time to shake out a few more weak hands.
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