Lows in?

There's a case to argue that the lows are in for the day, but it's not a strong one.....yet.

The NASDAQ and Russell put in higher lows as the S&P matched its low of day.  this is good.

Breadth is still hideous and downside volume is swelling.  This is bad.

The Russell is below its daily 50 day, and the S&P 500 is below it's 20 period exponential moving average for the first time since December 20th.  This is bad.

Getting above the highs of day on the indexes is a good start, but we'd still be down a good chunk on the session.  An in sync break to new lows here after the first hour would not be good for the bullish argument, and suggest that we could have a solid bear trend day.

I stated in one of my daily emails last week (get on the list by signing up at http://stockmarkettrendsx.com) that one or a few down days could wipe out a few weeks of gains, which if today holds, will be the case.  That's what can happen in a grinding market.  The complacency definitely caught some flat footed today, and the dip buyer are being punished, at least for now, but there's a long way to go.

By the way, don't take that as bragging, I also said I don't think we get a deep pullback before the Job Numbers and it looks like unless there is a rescue team effort, I am going to be wrong.

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