A Few Thoughts Before the Open:

Despite Thursday’s sharp rally,  the vast majority of the various indices I track still remain severely oversold.  I see two (2) possible solutions for this.  The 1st being that the market rallies upwards,  which at this point means about a 300 point move higher on the Dow; or the market tracks sideways and the various short-term moving averages catch up with the current pricing.

I am not sure which will exactly happen. However, I do feel confident we are not going to see a move back about 12,000 on the Dow Jones Industrial Average anytime soon.

From a trading perspective,  I am going to sit the day out and hopefully we will see a decline in the sharpness of the market’s moves and a return to more normalized market movement.