94% of today’s volume was on the downside via Market Harmonics. A rally can sustain one of those and continue moving higher, but tomorrow should define this rally in terms of whether it rebounds or caves. As I state in the video below I bought a lot of stocks long today (including SLV AUQ as a metals hedge) so I’m feeling a little uncomfortable going into tomorrow’s open. But somebody once said if you feel great about a trade that it’s going to go in your favor, don’t make that trade.
If you have a system you have to take all of your trades, not just the easy ones. Today was a very ugly day and I think the “hard trade” was to go long. Volume did rise across the board but all 3 major indexes had less than average volume.
