We're Not Buying It

From a technical perspective this is still very much a Bearish environment as distribution outweighs accumulation and price action remains well below its major averages. The gap made from Wednesday's rally will also get filled at some juncture.

From a tape-readers perspective the selling for the last few weeks has been so extreme that the market is just begging for a short squeeze rally.

But we're not changing our bias until we see heavy buying via a Follow Through Day. Only then will we consider buying.