A Rally from Russia with Crazy, Psychotic Love

A sharp upside reversal this afternoon was led by energy and especially Russia in the emerging markets in what seems like a helter-skelter tape full of wild mood swings. 

The RSX is the Russia country ETF, with the RUSL being the triple-long version of that ETF. Russia, China, Brazil, as well as the XLE and USO are now back over their respective 20-day simple moving averages into the final half-hour of trading today, which should likely gives equity bears pause before pressing too hard overnight. 

Moreover, IWM is fighting to reclaim $100, a level we discussed earlier, and financials are well off their lows. 

Overall, this remains a very fast, risky market all the way around for virtually all positions. But it sure does seem like bulls have yet another chance to sustain a counter-trend rally higher, given the inability of bears to seal the deal for a compete wipeout earlier today. Moreover, if biotech gets into the mix for a snapback rally it is likely to embolden bulls for at least a short-term. 

I will flesh out that topic and plenty more after the bell in my full-length recap for Members and the brief one here.