NASDAQ needs to digest the short squeeze
The rally on Wednesday was nice, but it was mostly simply a short squeeze caused by too many bearish speculators wanting to protect their profits as the sell-off ran out of steam, so it is not so certain to stick. It may in fact stick, especially if bears jump on with too much wild abandon, but doing so could leave them vulnerable to an even bigger short squeeze. Mostly we're just going to resume the bouncy up and down of a classic trading range.
-- Jack Krupansky