Yesterday we sold off with some conviction, but we needed to correct at overbought levels. The pull back was healthy and is no reason for concern. In fact, yesterday's loosening should provide us greater opportunity in the coming weeks. This morning we are opening up slightly and the selling could continue into today, providing us an even better value to get involved in another buying opportunity. If we take back 110.80 in the SPY today, we are in a very bullish tape and its time to go ahead and shift gears. If we trade through yesterday's low and come back up, we may get a textbook Red Dog Reversal. Stay tuned to the action as it could be a great day.
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