It's time for the bottom pickers to start chiming in after a late-day rally put the breaks on heavy selling.
While it's true that smart money often closes the day, it's also true that bear markets are prone to sharp counter rallies.
We're still bearish, still short.
In order for us to consider changing our view we'd need to see what kind of buyers might step in over the next week.
But before getting ahead of ourselves, let's just watch and see what kind of reaction we get from Friday's employment data.
- Any rally on negative news would be taken as a positive.
- Any rally on positive news would be considered with caution.
- Any selling on positive news would be confirmation of the bear, as would any selling on negative news.
Disclosure: Short: TEX, CUZ, SPN, CAAS, BIDU Long: CHS