I noted Friday, after the close, that Friday had looked
like a bottom. We saw reduced volume, compared to the prior low, and improved
market internals and a close near the 50-dMA.
Still, the signals on small pullbacks are weak, and I couldn’t definitively
call a bottom, so I said Monday’s action might give a clearer signal.
I think we are seeing a pretty clear signal that Wall
Street believes the weakness is over. We were at the lower trend line Friday,
now we are headed up. Today will be a big-day and may even suggest a down-day
tomorrow. Should one wait? I am not waiting; I am buying – a down day tomorrow
may be suggested, but it is far from certain.
I will be fully invested today.
