after taking out the premarket low in the cash the reversal...

after taking out the premarket low in the cash the reversal set-up forced weakhands to short cover and late in the session the pressure applied.....the up-down-up sequnce is almost a perfect 1.618% extension move and maybe complete at the close......the xjo has hardly comfirmed the move.....also, another reason i think that the bounce is nothing more than a bounce (complete or not) is that the premarkets were not bought up......a typical set-up for a true longer term bounce would see strong sell down in the pre's and then a buy into the open and continuous buys during the session as liquidity flows inwards.......but, i dont think that happened this morning....we've got a very nice daily candle view, but, even that looks like a hook to me......there was no divergence in the TED prior to this morning and the neither did the TLT signal any topping divergence, no struggling for smart money to exit......while we may need a couple of more sessions to play out, i think we are are in a bounce to be sold......

then again, more than a ten minute chart view is speculation.....