Still seem to be Rallying...

The DIA is about to give us trigger buy on the daily chart... However a 50% retrace from the high of 135.50 to the low of 115.80 would give us about 126.00. Meaning near 126.00 would be a nice place for price to resume a downtrend.

That said I don't think I'd be long until we were beyond the 50% retrace. Equally as important would be the 61.8% retrace, so between 126 and 128 is a fair retrace area for a move to the downside.

As you can see I'm bearishly influenced. With the VIX and price action pretty much across the board we are in the midst of a nice bull rally. I should have jumped on bullish stocks when that VIX hit 36.00. (see that post down below somewhere.)

As of now on the Russles 3000, 2304 stocks are up today!! Thtas pretty bullish.

My plan right now is to try to capture some bullish profits next week before we reach that 50-61% retrace zone, provided theres still room on Monday.

If thats not the case, then Ill wait for some directional indication and start building trades.

Thats all for now.

PS - My wife won't usually allow me to do this, but when she's out shopping I like to take the phone off the hook about 3:00 and do this...