BEARS GET JUMPED: PUMMELING TO CONTINUE
Bulls are taking full advantage of the bears today. It's a trend that should last until the market close and into tomorrow. There are simply way too many bears that were caught off guard by this gap up. Whenever you have so many market participants that are forced to scramble in a hasty fashion, you get a sustained move in the direction of the scramble. In this case it is upwards.
I bought into SSO yesterday. I did so as we approached the bottom end of my buy zone that I had been speaking of since June 5th. No plans of letting go of the position today.
I think we are in the beginning stages of carving out a bottom right around these levels. It won't be a simple process. It will be confusing, scary and make people think we are going into a nosedive. That's how it always is and rightfully so.
