This morningโs rally is encouraging, but it arrived with very few stocks setting up. For now, it appears to be another snapback rally within a broader downtrend.
Keep in mind, some of the biggest rallies occur during bear market corrections, which is precisely what makes these environments so volatile and difficult to manage.
Letโs see how we close today and, more importantly, how the market trades over the next several days. During periods when the market is dominated by distribution, It's important to exercise patience and discipline.
We have not covered our $SPY and $DIA shorts and remain long $TEVA from our August 7 purchase.
https://t.co/JXzFFTmMtn