Early this morning the market opened quite a bit down, and recovered all the losses, even turning positive for a while.
Normally, a correction such as the one we’ve seen over the last few weeks calls for a re-test of the lows, a big “rip your face off” short covering rally and several days of follow through.
So far, the bottom we made so far doesn’t qualify in my book as an important bottom that we can buy just yet. I discuss much more about this in tonight’s video.
There are many conflicting signals in the markets right now, so it’s a little tricky. The market likes tricky.