market turning up, MACD turning up (15 min NDX). I say we rally through the close, maybe for a few days.
It's certainly possible that we can get a tradeable rally here. This being TrailerTrader.com, you immediately get accused of being a permabull whenever you talk about the market going up but the market is an emotional animal and downside sentiment is getting wrung out here. I think it's very possible we could get a short-covering rally on or before this Friday. Even if we are in recession and earnings suck, market mechanics are such that sellers get done selling (at least temporarily) at some point and you get a pop.
looking for a 2% bounce this week as well. sold off some of my inverse funds and looking to go long near the close. Think the dow makes its way past 12k soon.