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Minyanville's T3 Daily Recap: How Far Can Market Turnaround Go?

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The strength of this two day bounce has been impressive, and feels a bit different than the slow grinds higher we have seen during the formation of the lower range.

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The market continued to bounce Wednesday, buoyed by optimism that Europe will indeed recapitalize banks and a better-than-expected ISM non-manufacturing survey. The Nasdaq led the way, surging 2.3%, while the blue chips gained 1.2%. Europe has been the real driver of recent action in the market, so yesterday's news that it was preparing to backstop banks provided the rocket-fuel for the bounce. Recent economic data has also helped the bulls' cause, which can add additional propellant into the mix.

The strength of this two day bounce has been impressive, and feels a bit different than the slow grinds higher we have seen during the formation of the lower range. The SPY still has room to climb into its 21-day moving average in the 1165 area, which would be extremely impressive. With such a heavy short interest in the market, a quick bounce can't be ruled out, though. Many eyes are now shifting to Friday's employment report. A weak number would likely not be catastrophic because calamity in Europe has been driving the market, but a surprisingly strong report could provide a major boost.



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