Double Bottom?

Short-Term:

With the holiday on Monday, we expect a pullback in the Tuesday – Wednesday time frame. So we if we gap up on Tuesday, this may be a quick short entry for us.

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Medium-Term:

As we mentioned last week we were in the process of testing the January low. We broke the low by 2 points in the premarket on Thursday and rallied into the close on Friday. It is possible that we are putting in a double bottom, however, we need to see a statement bar like we saw after the September lows. Without such a bar this pattern may turn out to be a trap. If we see such a bar and bulls are able to break 195-196, we are looking at a 210 target. If bulls fail, we could see the bottom fall out pretty quickly with 175 being the first target.

Long-Term:

Long-Term Market Outlook (Updated 2/14/16)

The Calendar:

This week the the focus will be on the FOMC minutes and EIA Petroleum reports. All the volatility in oil will continue to spill over into the equities market.

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Trend Following Models:

My long term models are Bullish (warning issued).
My medium term models are Mixed.
My short term models are turning Bullish.

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