Without sending like the mediocre pessimistic hotcopper...

Without sending like the mediocre pessimistic hotcopper investor, don't set your expectations too high this week for the following reasons:

- S&P500 has been copping a 'bear battering', MA20, MA50, MA100 and MA200 are all pointing to another leg down as well as r1-3 pivot points.

- The recent increase in SP has been on small volume relative to our median trading volume, this is commonly referred to as a 'low volume pullback' and is generally attributed by weak longs and is an unreliable indicator for determining a reversal.

- The recent increase in short positions with production literally days away. we're at a historically high level of shorters relative to SOI, currently 10.69%!!

For these reasons I believe we're unlikely to see an appropriate re-rate in the short term.

Cheers boys, enjoy your weekend.