|The Russell 2000 is consolidating its recent gains as traders turned nervous on Tuesday. |
Despite a nasty reversal on Tuesday, today's market shrugged off yesterday's selling in the face of apparently bad news. Q1 GDP was revised downward to -2.9%, the weakest reading in a non-recessionary economy in the last 50 years.
It would appear Bulls see this as weather related and sets up the scenario for a Q2 GDP snapback.