Bounce Finally?

The market is certainly not giving strong indications of a bounce, but there are some indications. A bounce before the long holiday weekend when traders are presumably selling, not buying, certainly makes no sense to me. However, there are indications of a bounce brewing. Dave from Trading-to-Win suggested that it is in anticipation of a "post holiday oil sell-off". I don't have any better reasons so, that makes some sense to me.

In any case, I'll be clearing out the rest of my long positions and shorting and buying puts. The Ascending Wedge that I've been talking about (see last 5 or 6 posts) suggests a downside target of the start of the base, which will bring us damn close to making new lows, which I'm expecting as well.

Have a great holiday.