Well, now we have a market that is ST oversold with dowside gaps above to fill which suggests a move up is in the cards. Another plausible seneario is that the market grinds sideways or only goes modestly higher to work off the oversold condition before heading down again towards the July lows. If that were to happen I'd expect to see that the rally that follows will fill those gaps and perhaps more because as I said before, I believe a bullish resolution is ultimately what's going to happen with this trendless market. As I also said before, I will be quick to change course if the evidence suggests so. We'll just see what happens.
I'd be looking to play for a bounce intraday if a good set up present itself such a retest of Thursday's lows. I will not however be holding such positions overnight. This is still a ST traders market and there's no strong edge on either side on a medium term basis. Be careful out there.
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