Looks like we have a bounce. Bonds are moving down and we have quite a few signals to the upside. The SPY has gone the full distance of the Head and Shoulders breakout. I am expecting the market to go up for a week or so and from there I am not sure. We will have to look for new patterns.
The music of Johnny Cash is ringing in my ears as I trade this market. I am LOVING IT. If you are in the S&P long in anyway you are singing the blues. As I said in my last post we were going into consolidation and believed the market was heading south. We will have to see how long this downtrend will last.