There is nothing more bullish to a market than sold out bulls. There is nothing more bearish than covered bears.

30min.view , potential head & shoulders setup that would be confirmed by breaking this week's lows
                                                                   
                                                                                OR

daily view , we can trade above last week's highs and the 200dma

VIX is up 42% since Friday's close.

That kind of move tends more often than not to produce a bounce in the market.

Watching to see if the market can stabilize itself and then begin to form a base support suggesting that a higher low is being formed.

Time to rest.

Limit losses, ride profits-regardless of all other rules.

This is the simplest, basic and the best rule you can follow. I'm always glad when I execute it efficiently. Do all you can to gain as much when you are right and to lose as little as possible when you are wrong-regardless of all other rules.

Today the market produced a positive price follow through from the breakout.

Trend following idea, not sexy but could be profitable. Today we had a buyable gap-up with defined fail-safe point at 15.67 or 16.10 whatever is better for your risk budget.

Above chart is showing an "all time high" idea from the shipping sector. Note, an idea is not the same as the plan, you need to know your risk point and your potential profit taking point and you need to risk enough to be meaningful to you if you profit but small enough that you can accept the loss if your edge doesn't work this time.

Remember: The market alternates between range expansion and range contraction. 

The information contained herein is for educational purposes only and is not, and should not be construed as an offer to hold, sell or an offer to buy any securities.