hmmm

                Not quite there yet.  We started the day with a continuation of yesterday’s trend on even lighter volume.  We are getting sign after sign that things are getting ready to turn around.  Keep a close eye on what happens on Monday.  With things setting up the way they are, when we finally do get a rally it is going to be a big one. 

                We opened at the same level we closed at yesterday and immediately swung for the fences and slammed into the 10 day moving average before coming back down to close just above yesterdays close.  The positive DI line on the ADX indicator is beginning to turn out of oversold territory.  We also had another uptick on the MACD histogram.  These are all signs that things are about to turn around.  Not to mention the narrow range in which we traded today indicating that the buyers where not taken over by the sellers. 

                Pay special attention to the market on Monday.  Even with the positive signals we have gotten over the past two days we still ended up with a potential reversal candle (this time with downward potential) called an inverted hammer (this works the same as a regular hammer, see my post http://policonifi.blogspot.com/2011/08/when-fear-takes-over.html).  I still think that we are going to get a rally back up to the neckline or at very least up to the 20 day moving average.  Be very careful over the next few trading days people, we are walking on egg shells here.