We did see a quick and sharp bounce in the market last Friday after the VIX printed a bearish reversal bar on Thursday. I talked about the VIX here. However, the market gave back all of its Friday's gain on Monday. Only consolation is that volume during the sell-off on Monday is low. The market is very event driven right now and gyrates wildly in either direction. Remember to trade small and staying in cash is also a position to take.
Lately, you've been hearing alot of Bernanke and Paulson. This week, be ready to hear more from them as they testify on Tue and Wed on the recent economic and financial mayhem
Tue: Fed Chairman Bernanke to testify on US financial markets Notable earnings: LEN Wed: Existing Home Sales, Fed Chairman Bernanke to testify on US economic outlook, Fed Chairman Bernanke and Treasury Sec Paulson to testify credit bailout plan Notable earnings: BBBY, NKE, PAYX Thurs: Durable Orders, Initial Claims, New Home Sales Notable earnings: ACN, RIMM