Amazing how fast the market can turn things around isn’t it?

I mean think about it, it was just Thursday afternoon where SPX started breaking down, bonds rallying through the roof and the fear was running deep from the previous days +80 point sell-off on SPX. Then, with out warning, the market bottomed, and since then, less than two short trading days later, SPX is up 102 points off those intraday lows established on Thursday.  

You can’t marry yourself to a thesis or a position. The moment you do that is when you subject yourself to incredible amounts of financial pain. I was short on Thursday, and sitting on nice profits. I saw the market breaking down further, and easily assumed it was the next leg down for the stock market. 

Instead, it reversed, I booked gains quickly, and now find myself long on this market.

How can I just flip my bias that quickly?

Because it isn’t my bias that I am trading, it is the bias of the market that I am following. I don’t care which direction I trade in, as long as it is in the direction that the market is taking. 

Below is a solid list of breakout plays and bounce plays. Energy is showing some desire this week to be players and may be worth watching in the days ahead. Technology is likely to see its bounce continue, while the safety plays of Staples and Utilities are likely to not find as much buying interest. 

Here’s the bounce watch-list: