Friday was a day of extreme volatility on the markets accompanied by high volume. Almost 3 billion shares were traded on Wall Street.
The QQQ shares represent the Nasdaq 100.
Especially remarkable was the opening panic mostly caused by margin calls and forced selling with very high volume. A quick and unexpected recovery followed. Selling resumed after this near 10% spike and the markets retested the panic low of the morning trading. In the evening we had almost a repeat of the morning spike, propelling the markets up 10% from its lows. The trading day ended with a pullback to end almost even.
Volatile high volume days like this are usually a good sign of reversal points. I am expecting a big bear market rally lasting at least 2 weeks.