Today was uninspiring for a bounce, price targets were met, but it would have worked better if the price targets would have been reached this coming Monday, when mutual funds tend to buy. Right now $trin is not low enough in my sense of things to still call this a bottom. Although the market has formed a spinning top candlestick which can often represent bottoms, I don't see put/call or particularly $trin at high enough levels to maintain the oversold condition associated with bottoms, the only strong point in favor of a rally is how deeply we have penetrated the Bollinger Bands...but we'll see Monday.
P.S. I think a more sure rally will coincide with a turn date of around 7/21/08, I still think that will come up as wave 1 of wave 3 in this decline...
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