V-Bottom?

Several things suggested that we could have put in an intermediate v-bottom yesterday which is potentially very bullish for the intermediate term. 1037 was old support and that held like a rock on the news items yesterday. If the market is strong we should not revisit that number. We will have to see if what the news items in the next two days bring to this market as we have some heavy hitters coming out. I am concerned however in regards to the absence of minus tick or sell programs in this market. The Cook daily CCT indicator continues to become more overbought at lower prices. Yesterday we ended up with a reading of +17 bringing our total to +185 which is still overbought at lower prices once again. I would have like to see some very high capitulation type tick down at that 137 area on the S&P and did not. It will be very interesting to watch what happens with the CCT reading over the coming weeks.