it is a difficult mkt to call. seems the best way to play it is intraday and short the bounces right now.
there are arguments tht can be made on both sides. ive mentioned the various bullish indications over the past week, but today noticed a rather bearish one.
ndx 50/200ema crossover. in addition, the ndx is now below its 38.2 retracement from the 03 bottom...these may have some rather bearish implications...
i think if you are playing for more than a week, its best to hedge with equal amt of options....august may continue like this
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