Nasdaq and RUT Breaking High of the Low Day

Oil is down over $4 a barrel to $136.70. The broad indices are rallying about an hour before the close. Many stocks have rallied from lower levels earlier today. The DJIA is forming a bullish engulfing pattern in a six day consolidation pattern. The SPX is forming a bullish engulfing pattern in a six day consolidation pattern. The Nasdaq Composite is moving above Monday's high, which is the low day in the recent down move. The RUT has also moved above the high of the low day which was yesterday. Recognize that the moves in the indices are counter trend moves today. Tuesday Afternoon Action Moving Up: BIDU, MA, RIMM, AAPL, DRYS, GS, AMZN, DECK IBM, CELG, V, FSLR, SCHN, EBAY, NKE, MER, GRMN, LEH, SERX, BRCM Moving Down: CLF, X, CF, USO, MON, AGU, NUE, ANR, CNX, BTU, SOHU, FWLT, MEE, MTL, POT