This story was originally published on RealMoney on June 29 at 8:23 a.m. EDT.
Boy, how quickly everyone moved from morose to giddy. But that's what one up day in the market -- and one down day in oil -- will do to folks.
Yet, while I'm not trying to be a wet blanket, I am trying to be realistic. And a "realistic" view would say that the oversold condition will not go away immediately, especially as yesterday's move up came on some fairly unimpressive volume. The Nasdaq 100 Trust (QQQQ) chart below doesn't exactly paint a buy-me-now picture.
Of course, maybe this is really the start of something big, and just like the fakeout the bulls received just a few short days ago, the bears could be in for the same sort of "treat." Still, until I see some new highs, or at least some broken downtrend lines, I have to remain skeptical.
Today, the Dow Jones Industrial Average, Sirius Satellite Radio (SIRI - Get Report), Cerner (CERN - Get Report), Asta Funding (ASFI - Get Report), TiVo (TIVO - Get Report) and Kopin (KOPN).
Charts produced by TC2000, which is a registered trademark of