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The market rebounded from an extremely disappointing consumer confidence reading early in the session to close green on the day, although investors will be concerned by a steep late-day drop that continued after the bell. Economists were already forecasting a sharp decline in consumer confidence from 59 to 52, but the number came in at 44 at 10 AM ET, sending stocks cascading lower for the next 5 minutes. However, the market was able to take back those losses in less than an hour and break above the current range.

Stocks looked to be closing the day strong and squeezing more shorts before a sharp decline in the last 10 minutes of the session. The heavy selling continued after the bell, sending the SPY almost 1.5 points lower than the high of the day. The Fed minutes at 2 PM ET provided the catalyst for the early afternoon push. While there remain dissenters within the Fed, the tone seemed to suggest the likelihood of some sort of monetary easing if the current lack of growth persists in the economy.

High beta tech has been the place to be during the bounce, just as it was the place NOT to be during the harsh correction. Apple Inc. (AAPL) continues to stay strong, putting in a mini two-day consolidation. Baidu.com Inc. (BIDU) and Netflix Inc. (NFLX) are breaking downtrends and have room back toward their highs. At this stage, however, the oscillators are showing very overbought readings that often preface a harsh reversal. Right now is not a time to get aggressive long, especially given the paltry volume we have seen over the last couple of days.

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