Yesterday was a "dud" with NO mini crash like so many people were looking for. I got caught up in it myself but I'm trying to "shake it off" as time is running out for the bears and there's really not any more known news event that could cause such a big drop to play out before the end of this week.
So I think that's all we are going to see on the downside and that we are in the process of turning back up and starting the big rally. For that reason I took another long yesterday near the close of the day, and I'm targeting April 30th now for my expiration, and 7400+ as the level I think we will be at by then. Next week should be a strong one for the bulls, and this week we should have put in the low in the Sunday futures and from here on out we should continue to see higher lows.
The VIX had its' big move up and has come down quite nicely from that spike high, so anymore moves up on it should be for lower highs to keep the divergence intact between it and the SPX cash index, which made a lower low yesterday then the 3/13 low or the 3/9 low. The VIX made its' high on 3/9 and has made lower highs since then. This is a positive divergence between the two of them and should setup the market for a strong rally up into May where 7600+ is very possible. We shall see...
Have a great weekend.
