Just as the market looked as if it was going to go into a free fall, the market reversed and turned around to finish the day above support on the highest volume day in a month. Reversal days usually indicate a turn in the market and they are more significant when accompanied with high volume like today. Bullish reversal days, like today, occur when the market starts the day off substantially negative but then reverses intraday to end the day off positive. This is a psychological win for the market. The NASDAQ (pictured below) led the way higher bouncing back above the support area of 1500. The market may try to test the high end of its recent range of 1600 which is its resistance. For the most part the NASDAQ has been in a range of 1500 to 1600 for the last month. The majority of the major sectors reversed and went higher except for banks which are still under a lot of selling pressure.

Allgen Financial Services’ Investment Strategy:
We picked up a small amount of a REIT today and added to a technology stock that broke out.

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