Interesting market today. We had an early weakness, followed by a very strong reversal.
Even XLE is now attracting the money that had been leaving the market early in the day.
IBB/XLK (AAPL) are also bouncing.
The OB/OS indicator has not issued a buy signal yet. OB/OS works on two days comparison. Hence, we need a stronger bounce than what we are getting here.
There are only two outcomes here: either a continuation of the bounce or a complete failure. I bet on a continuation and will be buying pullbacks.
I opened a 10% long QLD position some time ago. Missed on buying IBB on the pullback.
Pascal
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