I was listening to Cramer at noon, pounding the table and yelling that this was a real buying opportunity. . . sorry, jimbo, I not buying it. (I personally find his hyper dramatic yelling so annoying that I tend to bias everything he says with a negative spin however, so be advised.)
Here's the new yearly lows today about 30 minutes before the close and of interest in slot #1 for volume is MSFT, which at one point was down over .90. This is real institutional selling and, once begun, tends to continue in 3 day runs. Not a value stock yet IMHO.
Despite catching a couple good pivot swings today, I'm reluctant to take any positions for the remainder of the week as you can almost taste the volatility risk. Although the VIX managed to spike to 25.57 early on, it retreated to close down 1% for the day.
Although the pre-holidays tend to be bullish, I consider those historical patterns irrelevant in this unique market and while the market did manage to pull a rabbit out of the hat today I'm doubtful that today's modest gains can be sustained through the end of the trading week Thursday.