Expect a Bounce

[Rob]

Was that a strong bounce off our target Friday afternoon or what? Holy Cow! Now, depending on what the G7 folks do this weekend, we should expect a strong continuation of the upward move (dead cat bounce) if they come up with a credible plan. If not, back down we go. What I'm going to do is draw a line at the highs of Friday on the major indices, and trade long if we get one of our signals on the 5 minute chart, but only if that signal occurs ABOVE Fridays high (BHG). I'll be watching the ES and NQ futures, the ER2 and YM are just far too whippy for me.... lol
I'm now very nervous of the short-side, who knows what the Gov't will do next, and, whatever it is, it will come without warning. For that reason alone, I'll remain leery of selling this market even though the trend is down. Until I get a bearish fibwit to trigger on a daily chart, I'll be taking intraday buy signals only provided the 5 and 60 minute charts stay bullish.
Well, let's see what this coming week has in store for us!
Rob