We should get a rally Tuesday. Both Madmoney and Fastmoney were negative last night. Almost without fail, when both segments have the same strong sentiment on the same day...the market goes contrarian on the following day. In the long term scheme of things this contrary play is meaningless, but for the immediate short term you can make some dough. Futures are already gapping up huge.
The market is now very very oversold in the intermediate term as well and a reversal could be at hand any day now. The risk/reward doesn't favor shorting stocks here.
Q2 is about to end at the end of this month. It's likely why market participants have been jittery lately. We probably don't need Q3. The full effects of Q2 hasn't been felt yet until about 12-24 months later, which means the stock market will be on massive nitro bull mode in 2012. Bears, you've been warned.