Random Thoughts
In spite of all the celebration about Wednesday's rally, the market turned right back down-in a "do over" fashion. In fact, it gave back all of Wednesday's gains and then some. This action has it selling off out of a First Thrust pattern.
So what do we do? I'm still seeing a plethora of shorts that are set up. I especially like the ones that are just coming off of multi-year highs. This helps to ensure that the most amount of participants are trapped on the wrong side of the market. Read the First Thrust article above.
The Dollar and Bonds banged out new highs on Wednesday.
Come to the chart show later today. I'm going to flesh out all of the above in a lot more detail. If you don't have my book but do plan on reading it as some point, email me for the password.
Futures are flat to firm pre-market.