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The bottom line, the short-term trend is up. I hold both long and short overnight.
Since Friday is only a half trading day so chances are good it’d be an up day because the volume will be very thin, selling into such a thin volume is too costly for big guys, unless of course, something like Dubai last year happened again. Also, since today is a Major Accumulation Day (NYSE Up Volume to NYSE Down Volume >= 9) so a higher high Friday is almost guaranteed (yeah, I know, I said last night an immediate lower low was almost guaranteed, well, I suppose the chances thus are even better for a higher high Friday because the odds are little bit lower that I’m wrong twice in a row. LOL).