CME_MINI:ES1!   S&P 500 E-mini Futures
This morning I had mentioned that this rally looked strong and that 90-91 was expected. WE got to 87 sold off and held the 40 area and then had a monstrous rally.. Even in the context of the current market,this is quite the move. Whether or not it is in reaction to the Big Bad Bear being called remains to be seen. IN any case, even a rally to the 2530-2550 area which is quite likely is not going to change much.I mean the downtrend to be realistically over has the get past around 2778 IMO . I will not be hanging my hat on th e"bull" being back just as yet. We need time and some hurdles to cross. Thi saint gonna be without heartache, so I would stay nimble and take my money and run whenever I can. Lets just keep that 40 area as the line that keeps the chances for a bull alive much better. AS I mentioned the other day, typically when the CPCE ratio is that high then a rally is on the cards, but when everyone watches the same thing, the opposite happens. What a sell off on the 24th. Now, that everyone was looking for a break to the 2275 area we got this monster of a rally. Keep your seatbelts fastened!
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