Huge buying pressure today erasing yesterdays big negative market internals. We had a 91% upside volume day with only 9% of the volume being to the downside. Given that this move was on the heels of such a negative more yesterday I
classify it as being extra
bullish.
Who knows if this will be a tradable rally but I tend to think we may be able to squeeze some nice profits to the upside this time around. I entered some longs in the final hour thinking that we would rally into the close which did end up happening. If we gap up I may take some profits off the table and set stops at my purchase price essentially limiting my losses to zero. If we have a light pullback in the morning I will use that as an opportunity to get into some longs that I wasn’t able to today.
