most everything in the market looks bearish still as it has for the past week or so. We are getting close to a situation where we should see a bounce, but I think it is still a day or two off. I actually purchased a small long position today, but I think it is too early to put any positions of substance on. The markets look very weak and kind of holding on top of a cliff of prior support, called a shelf.
I do see one of my leading indicators showing more strength over the past two days, but all other indicators are showing nothing healthy and so patience is strongly suggested. In fact, I will most likely sell the position I bought today intraday tomorrow on a bounce unless I see a very strong open and follow through in the morning hours.
Not much more to say … except be careful out there!