Back-to-Back is Tougher Than It Looks

The Dow Jones Industrial Average has not turned in back-to-back green sessions since early-February, which is a fact that seems to be gaining more attention as an initial pop this morning was swiftly faded.

However, as I write this bulls are putting up a decent fight, defending $180 on the QQQ ETF earlier as small caps also claw back to flat. Beyond that, as we have been noting with Members this morning, if this market is to stage another squeeze and deliver the elusive back-to-back today I suspect it will quite the elevated VIX to finally have a day where it slips hard into the afternoon. 

There are other aspects of a rally required in order for it to transcend a mere bear market bounce, such as broadening participation beyond the beaten-down, highly visible names like BA CCL RCL up insane amounts in just a few days after seemingly headed to zero.

But one step at a time. And going back-to-back on the major averages would market some sort of very near-term change in character, perhaps alongside names like PTON, updated below, squeezing above $25 and putting bears on the run beyond one session for a change.