R.C. Market Report 10.06

• Market Trend: Downtrend

• Art Cashin said it best. It felt like capitulation in the morning, but ended up finishing as 'what could have been a capitulation' day. We were down nearly 800 and I was ready to play tomorrow's bounce. Instead, traders got in there early and we already have a 400+pt rally on our hands. Now we are back to the point where buyers that entered at the bottom today will be taking profit. Short ban is due to expire before Thursday's market open but it seems like it can easily be postponed now. We are near a bottom but not yet.