Okay, today was an exciting day for the bulls. Congratulations if you were in on today's monster reversal up after being negative most of the day. Now the question is where are we headed next. We are a long ways away from the SP500 666 low without any meaningful pullback. Very impressive indeed. The $CPC is still at incredibly low levels. Anybody still holding long from below 700 will be quick to take profit and bulls looking to buy have to be nervous about doing so without a pullback to support happening first. With that being said, the excited retail bulls may still be rushing in to buy even now and push us higher. We also have options expiration approaching in a couple of days which makes the call more difficult to make. It seems the market makers would want to push the market down some to spoil the call buyers fun. I'm thinking tomorrow may end up being a sell off day possibly extending into Friday but you never want to fight the tape when momentum is so high. Day trading for the rest of the week may be the safest way to play it by catching short bursts of momentum rather than holding a position overnight.
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