Good Day All,
Here’s a reprint/reminder from yesterday morning:

With many bear names from last week, we’re thinking that rolling down aggressively if you’re still bearish wouldn’t be the worst idea, assuming you can.  Why?  Well, the volatility that we anticipated would persist, has persisted, and that could continue and could produce another sharp rally like the one we saw on Monday.  We have a sense that after all the heavy selling, market players would love to use news to offload shares higher.  We’ll soon see if they have the muscle.

We now know that they had the muscle.  We send out that type of update/reminder for this EXACT reason:

The Gang rallied the DOW almost 1000 points from yesterday’s morning lows!

As for now, we present this chart.  We made it clear how important we thought our pre-drawn level (orange line) was and it turned out to be the opening and nearly the close!  Quite a day and quite a number/level.  It held, but did it really?  The selloff late today put quite a damper on things and now it becomes even more of a guessing game!

More when warranted!

Thanks,

Wayne