I haven’t had much change of opinion on this market in the past few days. This rally has had much momentum behind it. This so far seems normal during a major bear market. Volume on most indexes has greater on the down impulses, and has lessened somewhat on the current retracement move. Trends still remain down. The odds of a “V” shaped bottom actually being the final bottom don’t seem that great. There should at least be a retest, maybe not a new low, but some sort of test of the previous low to see if selling dries up and buying should come in, or if renewed selling comes into the market. Without a test there is little to go on regarding potential change of direction. But anything can happen. If this market continues up without that test, then one will have to adapt to whatever the market want to do. But it would be an unusual move. I don’t plan to chase this. If an uptrend begins, there will be plenty of pullbacks within that uptrend. Until then I plan to sell the pullbacks up into the downtrend moving averages, as soon as momentum rolls over. So far many of the indexes are up into, or over, their moving average. Momentum is very overbought, but in most cases is still pointing upward. Momentum can stay very overbought for a very long time in these counter-trend moves.