They Still Allow Garden-Variety, Don't They?

While many market players and pundits seem to be quick to declare this market pullback or consolidation to be over, note the strongest index today, the Nasdaq, below on the ETF's daily chart, not even able to bounce up to the midpoint of yesterday's massive range. Bears will, of course, point to the small cap weakness. 

But even in terms of a garden-variety 4-6% pullback off recent highs on the major indices, which could easily set up a fresh rally into the summer, there seems to be a large portion of the trading community who believes that type of scenario to be unfathomable. If we do get that garden-variety pullback, because we have not seen one in so long, it will likely feel much worse than it will actually be, technically. 

Either way, today's bounce in some parts of the market may be just a pause from yesterday's selling before we have a bit more business lower. We are keeping track of the best long setups for Members for due diligence, but are open-minded to the garden-variety pullback scenario. 

More in my recap after the bell.