Today's action

Classic retesting of the old mid-October lows - when they held everybody got horny and the buy programs kicked in.

A couple of points:

1) Explosive rallies like these today NEVER happen in a bull market. They are simply characteristic of a bear market rally.

2) GE broke it's old mid October low a week or so an that new low has held. GE is largely viewed as the most representative stock of the US economy as it's operations are so broadbased in nature. The fact it is still well below it's mid-October low, even after todays explosive rally, is most telling to me.

JK's 2 bits