DOW Bounce Lacks RUT Exuberance

I was trading the ER (RUT e-mini Futures) intraday today and when I finished up the day and looked at the daily chart I was astounded at how much ground that big white candle covered today. Conversely, looking at the DOW chart it completely lacks the buying enthusiasm that we saw in the RUT today. The RUT was up 3.71%, the DOW was up only 1.36%, the SPX was up 1.71%

Looking at the RUT, it looked like a solid candle for the market to build on but after seeing the DOW and SPX daily candles I have much more of a neutral to downward bias.

Besides a few words from Bernanke, nothing has fundamentally changed with the economic outlook. The VIX DID drop significantly today so the fear has definitely eased. Lets just see if that can last the rest of the week for starters.

Note too that the DOW is still way below it's March lows while the RUT has yet to fall to it's March lows.

DOW Daily Chart: