So today you did very well if you bought the morning gap down and came back at 3:55 pm ET and sold, lol. But for those of us that were holding some SDS well we got squeezed like a turkey. Anywho, I'm out of the small SDS position I put on earlier in the week. The market internals were very strong all day today. Up volume on the Nasdaq reached 92%. With the market closing strongly just above the 20 day EMA on the daily (albeit low holiday volume) we gotta take notice and adjust our bias accordingly. It is fairly positive that the market rallied this week on terrible econ data (namely the durable orders, initial claims and home sales numbers this morning) as well as the unfortunate terror attacks in India. When a market reacts positively to bad news that is extremely telling. We could pullback Friday or we could continue the week's bounce as it will only be a half day. Next week should be interesting as the volume and big players come back into the market and decide if we break over 900 finally or stay rangebound. Who knows. I will wait for the charts to tell me that.
Otherwise enjoy the holiday and have a safe Thanksgiving.
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