Quick Market Update

Remember, volatility, a quick rumor and denial sent the market up on a spike, but no follow through, I expect that is because the intraday reversal process is still taking or was taking shape. I'd say it's probably about mature right now and while I hate trying to give targets, I'm guessing a target somewhere around Friday's close is not unreasonable. There's no accumulation behind this intraday base beyond what I've told you about so it's not the start of anything new, it looks to be the typical (more normal) market bounce or jiggles, but volatility as I said before can make things look larger than they really are in the mirror.

In any case the reversal pattern looks a little like an inverse H&S bottom, you could pull a price based target from that, for the SPY that would be about $186.50.

IF WE GET SOMETHING ALONG THOSE LINES, I'D BE CONSIDERING POSITIONS SUCH AS VIX CALLS, MARKET AVERAGE LEVERAGED INVERSE ETFS LIKE SPXU, SQQQ, SRTY, SDOW AND OTHERS LIKE FAZ, TECS, ETC. I'LL LOOK AT THESE IF AND WHEN WE CROSS THAT BRIDGE.