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- market generally oversold in the big picture
- at the time, market was in a pullback off of a short term uptrend for the day, a day in which we had an upside reversal from earlier heavy selling
- too many Bears
There was quite a bit of buy programs going off at that time, which is evident from both the $TICK and $PREM charts, which as Jeff pointed out, is a daily occurrence caused by portfolio re-balancing among the leveraged ETFs.
