While not a barnburner of a day today, it went in the correct direction.
Once again the Inside Day with a Lower Close as we had on Friday predicted
an up day.
We took advantage of this on the weakness this morning and closing the position on the strength at the close.
Today we had an outside day with an up close and I don't have my almanac handy, but I am fairly sure this is a neutral pattern.
We would also expect some type of pull back Tuesday as the Monday/Tuesday reversal works its magic.
There was quite a large amount of put buying today, especially for a rally day and this is the way we would like it to stay. For the longer we can keep the majority waiting for the giant slam lower, the longer we can expect the market to move higher.
The NASDAQ has been the star as of late and the pattern today indicates higher prices to come.
We remain steadfast with our buy weakness mind set and although we are not out of the woods yet, there are certainly a large amount of indications that we have put a major intermediate term low into place.