Why the giant intraday reversal in stocks is not sticking

Monday’s rip-your-face-off rally following the morning’s gut-wrenching plunge — when the Nasdaq Composite cratered 5% — was one for the history books. 

Quant desks and equities analysts are still scrambling to make sense of the mother of all hammer candles in the major indexes. But the balance of evidence that’s emerging is favoring the bears — not the least of which is Tuesday’s nearly 3% sell-off in the Nasdaq Composite (^IXIC).

Huge reversal days are rare enough that investors pay…

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