Today's Action

We gave back a large portion of yesterday's gains. As I said before, 2/3 scenarios were bullish and only 1 was bearish - which was what occurred. One important thing to note is that with the Fed rate cut over, there are few positive catalysts on the horizon for a while. Basically, if the shorts regain control of the market, the Fed may have finally run out of tricks. Buyers are going to have to show strength outside of fed intervention or this market will succumb. We're back to a wait and see mode.