As the market was sold aggressively into supporty levels by the end of last week, we are seeing some bounces in all Markets this Monday. Many markets are trading in almost “uncharted” territories. Note several markets are trading very “distant” from the 200 day moving average. This is not telling us to go long, but is showing how extreme the sell of has been. With HFT dominating all trading, and there is a lack of liquisity, the move up could be very furious. Below DAX, Stoxx, S&P and Nasdaq. We expect the bounce to continue, until we get everybody long. Also note the Stoxx is up some 35% from the bottom in 09, while the S&P is still up some 70% from the magic 666 (not deducted for the USD weakness).