Now THAT is a reflex rally. This day-to-day action is part of the process of a post-whoosh reflex rally. As we have been discussing, we expect it to be a multiweek rally that sets the stage for a test of the low. It is then that we want to become more offensive. We would change our view of a test if there is a volume thrust to the upside. We have yet to see that with Mondays upside volume on the NYSE at 78%, and today’s upside volume at 77% of total NYSE volume.
Again, when it is going according to plan…we should not change our plan. We got the “whoosh” and are in the process of the “pop” we wrote about late last week.
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