I had expected a bounce sometime this week but did not expect it to be nearly 30 S&P 500 points from bottom to top (thus far). Had I expected that big of a bounce I would have done some buying. The M&A news this morning would truly be good for the market if it comes to fruition. I believe a lot of cash M&A activity is the only thing that could take this market significantly higher.
We have now had a reflexive bounce so the risk/reward for short term longs is not great. If we get another move lower over the coming week I believe it will be buyable for a trade. Have a good night.