In this past weekend's missive, I discussed the market's completion of the 50% retracement. To wit:
"From a purely technical basis, the extreme downside extension, and potential selling exhaustion, has set the markets up for a fairly strong reflexive bounce.
Such an advance will 'lure' investors back into the market, thinking the 'bear market' is over.
Over the last couple of weeks, we have indeed had an extremely strong 'oversold,' reflexive rally, that has now reversed the conditions that 'fueled' the advance.
"As shown above, all previous short-term oversold conditions have been fully reversed, with