It's not pretty, but I'm bullish now
The initial pop in today's market action was a very impressive showing by the bulls. It surpassed the head and shoulders pattern I described yesterday so I've thrown that out. The only thing that still concerns me is that the small caps are still declining. Of my various indicators and oscillators and my own market measurement system most of them are giving relatively bullish signals for the next 10-20 trading days. I've been a little hesitant, but now I am in most of my long positions. At some point, I have to give in to common sense and say that it may not be perfect, but the market has bounced off these levels before, and it looks like it is trying to again.
This is not the safest prediction I've made and if you are a buyer here you need to have a strong risk appetite. If you are concerned about protecting yourself against short term losses, then this move might not be for you. Again, this isn't a perfect bottom, but it is good enough for me.
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GOOD LUCK TOMORROW!