I was saying in the chat room at the start of the week, that I would like to see a 'V' bottom before initiating any long positions. We may be at that point. I'd like to see $SPY break firmly above $159 and Friday's highs. From there I fully expect a move to $SPY $163, which we could be looking at a possible trade for more downside. Stay tuned. For now I like the market here.