It's No Big Deal, We're Just Having a Party Here

Many, many years ago I was playing poker at Foxwoods, in the heart southern New England, and the dealer at my table made several mistakes in the middle of a serious hand with a substantial pot sitting in the middle of the table. I was not in the hand myself but can still vividly remember it. 

The young poker dealer was obviously fresh out of dealing school and in over her head. One of the players at the table sarcastically blurted out, "It's OK, honey; no big deal. We're not playing for real money here. We're just having a big pahhhty," with a New England accent as thick as the chowder in Somerville. 

Today's rally in equities may seem like a big party for bulls, and it may very well be the start of a multi-day bounce into the end of holiday-shortened week/end of month/end of quarter by Thursday.

To be sure, as we have profiled and tracked and traded with Members, there are some notable outperforming charts. 

But I am not so sure that bulls can claim the big pot sitting in the middle of the table, just yet, as the Dow, S&P 500, Nasdaq, and Russell all face declining 50-day simple moving averages above price into this bounce for the first time in good while, since the January/February decline was so abrupt after a steep uptrend it has taken those 50-days only until now to start to point down. 

More in my recaps after the bell.