mreinke, I sit on the fence on that one, I certainly argee with what you say and I had a tough time deciding wether to close my short positions this morning.
My justification for it was that 1245 was major support and the markets should not have been able to close above this if broken, they did.
My second reasoning point is that this move is common in a bear market, but they normally lead to a rally unless its at the critical final sell-off stage as shown bellow:
Thirdly 10930 has been critical support for the dow for three nighs in a row now and it has held it, probably time to test the upside from there
DOW Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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