‘Mechanical Bull’ Market

I got back in the market today and I had to stop myself from watching it…  It was like I was on one of those mechanical bulls!  It started the day positive after a move up in the index futures.  But Trump’s 4th tweet this week against Amazon tanked the Indexes as a whole shortly after the open.  My stop thankfully was further away than the drop, but it was a wild ride.

In the S&P 500 it reflected a drop just after 9:30am of 20 points, then it rallied 30 points before falling 25 again only to finish the day with a further 35 point rally.  I am dizzy!

Anyway, bottom line, this looks and feels like a market bottom to me.  I can of course be wrong and I am prepared to be as always.  Volatility is obviously still at play, meaning there is still a lot of fear in the market, but it’s a high probability trade in my humble opinion.  It will be cemented by a trend up day (a series of Higher Lows and Higher Highs into the close).  So I am looking for one of those tomorrow to confirm my synopsis, starting with a move higher in the futures overnight.

Bring on the bulls!

John