A quick look at a few charts.
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Looking back at today, the one thing that would stand out is the breakout in the SPY along with a meaningful decline in VXX. Both of these signs say that the market will probably have a small low volume rally for the coming days. I do not expect a run-away move because the volume is very low. I would have a bullish bias until I see a topping candle. This could be a doji reversal or a bearish engulfing candle. Either one of these signs will tell me the market is going to breakdown. I think that the opportunity lies in individual names rather then playing SPY.