If we pull back to 4150 - I'll load up the truck. Testing the waters here at 61, first. I have strong odds of yesterday's HOD being taken out today. If we gap up that can be a sell, but we should get up there one way or the other.
On the subject of trades that are hard to take - fading/selling into a strong move higher (even if that move ends up reversing hard) is the hardest trade I can take. In comparison - buying near a (perceived) bottom is something I can do fearlessly. It used to be the other way around starting out.
I'd be slightly surprised if this pull backs more than 4150 before we see 4200. Maybe 4160 is all we'll get. Surprise me.
Im with Schizo. 4400 is where ill look to enter any shorts. I've been trying to swing it but keep getting stopped out.
Long or short? With this volatility it's difficult to swing it unless you're early and/or have a great entry. IMHO.
This is the very reason that I pay little to no attention to news and fundamentals. It keeps me from trying to figure out the "why". I would mention something that may be important---don't know----There is 2.5 trillion in cash sitting on the sidelines right now and a good portion is with money managers that have missed the entire rally so far.
Basically what happened yesterday afternoon, was that the initial spike and then pullback resolved the hourly cash chart and put a firm floor in at 4100 cash area.