The last few days have been kind of frustrating to trade. One day the market is up, the next day it's down. Or a day like today where stocks are plunging at the open only to rebound. Thus far you could argue that the highs from last Friday and Monday are still a bearish reversal following an oversold bounce. However, if you're glass is half full then you could argue that stocks are working on a short-term bull-flag consolidation pattern and look ready to breakout higher soon.
The late day rebound makes it easy to have a bullish bias for Friday morning but that could change if there is some negative commentary coming out of Obama's healthcare summit today or if the GDP revision and ISM numbers disappoint Friday morning.
I am suggesting readers take a step back and see how stocks trade heading into the weekend. No new candidates tonight!