With the reversal candle that formed from today's price action a continuation of the late day rally is possible tomorrow and in the near term but, until volume returns on the up days we are still bearish and do expect any rally to be short lived.
Should a contra trend rally begin tomorrow I will protect my profits by moving my stops to 50 cents below today's low on the SPXU. If this price triggers I will also put 1/3 of my portfolio into UPRO to play the rally. We shall see.
Stay tuned and stay disciplined. While the market is likely to continue moving down we can also make money on the bounces along the way.
see you back here tomorrow.