The Dow has given back more than half of yesterday's headline grabbing rally. That is in line with expectations of new lows followed by steep, but fleeting spike retracements, followed by new lows. Yesterday was the, steep, but fleeting, part. DJI - EW Count UVXY Holding QQQ & IWM May 20th and Jun 17th Puts and UVXY May 20th Calls. Crude Oil - Breaking Out? An oil trade may be coming, but I am hesitant to initiate a new trade in front of the May 4th FMOC meeting. The Fed's action on Wednesday is becoming increasingly important for all asset classes, at least on a short-term horizon. USO calls would be the play here, if and when it comes.
