Well, after writing a post entitled "Why I Think The Bears Are All Wet", they managed to dump a little cold water on me today. Still, one day doesn't make a bear market and nothing that happened today changes what I said yesterday. The first day of November is usually an up day, so we will see what happens. I expect some choppy action for the next few days. Only if we see a break of the August high of 1231 in the SP500 followed by a retracement and a break of the resulting swing low would I conclude that a more significant retracement or leg down is underway, and we are a long way from that happening at the moment.
It is also likely that the MF Global bankruptcy had some effect on trading activity. MF Global acted as a clearing house for my futures broker, which was unable to process trades today.
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