Hello Everyone,
Quick Notes: First off the VIX/Bollinger Band buy signal played out with its buy signal yesterday. Also, In last night's video I discussed how Steve and I both were expecting a sharp rally from yesterday's oversold condition from both a wave-count perspective, and from symmetry break higher low, and that's exactly what transpired today with the SPX up over 120 points at one point today and finally closing up 107 points. Ultimately we still favor another move down but we'll continue to take things one level at at time. One thing that has been very true in this market is that you are rewarded by buying into support and selling into resistance on sharp rallies, NOT CHASING a move. Tomorrow 1 hr before the opening bell all eyes will be on the CPI data.
Share pullback in most of the commodity names today with many finding some initial support at their 9 day EMA's.
Matt
