Today market had a big gap up early morning then sold off immediately to 10:30Am. People who bought the low yesterday close took the profit in the morning. If I were one of them I would do it also. We have seen many times the big gap up being sold off in the past two weeks. A lot of bottom fisher still see the dip as a bargin. Hence SPX had a nice bounce and choppy ride up in the afternoon session. In my point of view, this is the last buy-in-dip opportunity before the big correction. Market can have a nice bounce tomorrow and next Monday. Italy or Greece are evil to drag the market down, but the market sentiment will temporarily push the market up to trap some new fish into the pool. As it is said, market wants to hurt most people hard. Whoever short the market on yesterday close wishing to have a bear follow through got burned. This is not an easy market to play.
I am wiling to take the risk to go long here. I bought some TNA after market and QCOR before close. QCOR had good earning in the past few days with strong upside momentum. If the market set up to go up, QCOR should do well also.
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