I reviewed my trading positions in the Monday update. I still have all of the positions. Right now Friday looms large. If the SPY can manage to hold on to the lows highlighted in the attached chart, AND close up on the day Friday then I think next week could be good for bulls. Failure to mount something of a rally Friday, and instead close below this week lows, bad for bulls next week.

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Thursday was a ugly relentless selling day. But it didn’t make a new low in any of the market averages. Very well could be just a day that scares everyone from buying. Scared to buy is the secret sauce of a good rally, as the scorching decline is still fresh in everyone’s mind. The market will almost always do what most people don’t think it will do. So perversely Thursday could be the catalyst for a big rally —- as long as it holds up Friday. 

Thanks,

Joe