This would be a fun market to trade. Yesterday the S&P 500 bounced close enough to the 1295 level I highlighted, as an area to remount shorts. And that would have immediately paid dividends as some weak economic data this morning kicks the bulls in the groin. Frankly I didnt think yesterdays economic data was anything to write home about, but the market was extremely oversold so was overdue to bounce - hence even somewhat benign data was embraced.
I am a bit surprised at how quickly things have reversed down however - thought the bulls would keep going for at least 2-3 days.