The early breadth is solid but volume is not huge. This is the first indication we have on real strength and it makes me think that, at least for now, this is just the usual garden type oversold rally taking place. It will take more evidence to know that this is in fact what is taking place and that will play out this week, but for now, that's the thought.
I did take some early long exposure but have liquidated already. Just trading the futures intraday. I like the long side today, but I think it will be a lot of up and back rather than a breakout type move.
I did take some early long exposure but have liquidated already. Just trading the futures intraday. I like the long side today, but I think it will be a lot of up and back rather than a breakout type move.
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