The Dow and the S&P 500 turned higher, while the Nasdaq cut losses, after CNBC television reported that a bailout for bond insurer Ambac Financial Group Inc (ABK.N) was imminent, causing financial shares to reverse losses
If you look at an es 5 minute chart it looks like bulls got the gaspirino memo right around 14:55 est to get long. Bears rejected this move because Gaspirino had to take a dump. New lows were made and Gaspirino finished wiping his ass around 15:25 est and bang shorts destroyed. I really have to quit putting cnbc on mute with Gaspirino being the puppet of both shorts and longs.
It was really clear! We were trending down and then went into consolidation.
Made a false break to the down side
If it could not sell off then the break back above 35.75 was a clear buy!