Yesterday, after every short threw up their hands in frustration we saw a tradeable mid-day pull-in reversal, a nice trade at the end of August if you were prepared for it. The move may lead to nothing, but make sure you keep in the back of your head in today's action. There is a new point of reference in futures at 1035, and also a tradeable level in stocks where we reversed yesterday. If bank and tech stocks can blast through yesterday's highs it will tell us yesterday's afternoon short was just a trade and not part of a larger move, and we should again look long. Ags look good to go higher but could not bounce yesterday and likely need more time. FAS could provide another good trade after yesterday's breakdown, so if it break higher there are several levels to measure your trade. After yesterday's action, opportunity will be out there today so pay close attention to your levels.
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