We do not know if the rebound from last week was the start of a new rally to return us to higher levels or just a short squeeze that has run its course.

We were knocked out of all but two plays in the portfolio over the last three weeks by the -15% decline in the markets. To simply jump back into a bunch of plays, even though the prices are better today, would be foolish. Two days of gains 14 days of decline does not make a new trend. The trend is still down until proven otherwise by a move in the S&P-500 over 1,950.

I am not recommending any new plays this week. I did add three plays to the watch list and we will enter those plays when/if the market goes up and they are triggered. If we do get another week of gains we still have plenty of time to add more plays with 11 months remaining in 2016. We are also facing the busiest earnings week of the Q4 cycle and depending on those results the market could become directional again. We just do not know today which direction that will be.