ascending wedge on the daily chart....looks like it wants to rally to 39 area. the big caveat is Bernanke speaking tomorrow. Market wants to believe he will be dovish, but even if he is are we rallying on the rumor to sell on the news?
Petro, that should work out well. I may do that same trade at some point today. I ended up being decently positioned for this selloff. I had lightened up a little on the rally yesterday, and had my SCO as a short hedge which is paying off nicely today.