Market Insider

Bulls back in control, but the selloff may not be over

Underlying upward momentum in marketplace: Trader

Bulls kicked the legs out of this week's bear run on stocks, and the "dip buyers" could keep coming in even though the selloff may not be over.

Stocks posted their best one-day gain in five weeks Wednesday. The Dow rallied 154 points Wednesday, after posting its worst two days of triple-digit losses since June Monday and Tuesday. The rallied 15 points to 1,998, and the Nasdaq gained a full percent to 4,555 in its best performance since mid-July.

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"The selloff earlier this week seemed a little out of place. We had a big run last week. We were pulling back and giving that back. There was a little negative Fed rhetoric," said Andrew Burkly, institutional portfolio strategist at Oppenheimer Asset Management.