On the face of it a good recovery by the US overnight and some decent follow through here. However, there are 3 points of contention. The daily trend is still down regardless of todays strength. It may flick higher should price follow through to the upside on Monday and we can start looking at long trades again. Yes, this dip maybe a buying opportunity, but our rules are there for a reason so we’ll stay with them. Secondly, yesterdays fall left a gap and the market, especially the indices, don’t like gaps. They act as a magnet and once filled the trend resumes. That gap was almost filled today, but not quite. Lastly, the Dow Jones Industrials rallied +2.05% but the transports lagged a little.
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