The action last Thursday and reversal upward yesterday have moved us 50% in to the market. However, today's gap up open seems frothy. There is still a good chance that the indexes will fall back to re-test the recent lows. That's why we aren't fully invested and why we stand ready to raise cash if a downward reversal comes.
The QQQs are above both the 50 and 200 day moving averages this morning.
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