A Strong Attempt to Get Back Into Power

In the face of bad news, stocks are snapping back hard this afternoon. The morning weakness in several key parts of the market is abating, for now, as the volatility index is getting decimated. 

For perspective, the Russell 2000 Index ETF, below on the updated 30-minute chart, are still well below their breakdown level from last week, with the current bounce not yet fixing much of the damage. 

Still, bulls are making a stand, with the S&P 500 Index back to the key 2045 level as we speak. 

Crude oil also staged an impressive reversal off the morning weakness, with energy stocks aiding the GASL, triple-levered long ETF with plenty of natural gas and exploitation exposure. 

The close today should, indeed, be interesting.