Certainly Monday action did nothing to dispel the weekend commentary. While it may not feel like it, because last Thursday was such a bloodbath, we are now 7 days removed from the price lows in the SPX.

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As long as those lows hold on a closing basis then I expect higher prices. We are not out of the woods yet, but if it can continue to do some work down here then I think SPX is  going up. Not aggressively long here in terms of number of positions, have ample reserves to add, but definitely not short. If wrong I’ll get out.