Read this excellent post from Bespoke showing that the biggest gains yesterday came from stocks with high short interest.
This, coupled with the average volume of the rise, leads me to believe we have not bottomed and are still in a bear market. However, we still may have a playable bounce that could be used for quickielong trades and to re-establish short positions.
Remember, true capitulation that leads to the end of a downtrend usually requires a panic day that closes up on tremendous volume.
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