Yesterday, I cautioned about the importance of waiting for a follow through day before jumping into an anticipated rally. While the market did head higher, things turned soft and we saw a reversal for a lower close. No big deal, however.
Today, we're seeing more selling and the S&P 500 is again below the 1,300 level. That big gain from a couple days ago doesn't seem so robust this morning.
There is a trading lesson to be learned here. One big day in the market does not make a rally. It could be the start of one, but it may also be a head fake. We need to remain disciplined.
Christopher Smith
TheOptionClub.com
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