the Yuppie Pig

The counter trend rally we have been expecting is now 2 days old. And I still view it as that; a counter trend rally. I would use this as an opportunity to lighten up on long positions and for traders, to look for and position into shorts. Over the next day or so, I expect some type of short pullback, perhaps to the 1090 area. This would add some symmetry and set up a potential inverse head & shoulder breakout pattern to propel the S&P500 to the 1115 area. This should develop over the rest of this week and early into next week.