Not griping - a quite day after a few weeks of extreme volatility. Time to take a bit of a pause, look around and consider you next move. The action today suggests that the hammer reversal on Friday was real and that's a good thing for those who covered a bit of their short exposure with the desire to put it out higher again.

Given the damage done, it is hard to see this market working back to the highs anytime soon, but it should set up a decent channel trade once it settles down. That's a good thing in my opinion. It's a lot easier to make money with the market gyrating rather than unidirectional.

I was expecting more of a give back earlier today and then a green finish. Regardless, this is decent action. Stay two-sided and just work the trades in between now. I do expect that we will see lower prices intermediate term before we are done but just so oversold right now it's hard to push there immediately probably.