Bears might feel like being teased again, right? Well, not exactly. If I remember correctly every time a trend is about to end there always some days like today and yesterday: Sudden violent rise or drop which looks very like that the trend is being reversed but the next day, the market reverses completely the previous day’s “reversal” and the next next day it may look like things go back to normal again – yeah, told you so, this bull/bear will go much much higher/lower. Well, be careful, don’t be too bullish here.

I don’t see any trick today. A puzzle was solved though: The SPX 60min Cycle due today looks like a bottom, I mentioned in the last night report.