A fair day after yesterday's massive runnup

The tape is playing perfectly to what I wrote yesterday. In the first 30 minutes of trade, the market was up rapidly and tested 7000 on the DOW. It has since drifted lower all day after.

I sold off my longs in the first 30 minutes and have since added some longs back during this retreat. 

From my perch, the drift today is not bad at all. Volume is low and no major sell off after yesterday's massive gains.

The last hour will be crucial. If the indexes can finish solidly in the green it would be a great sign. If not, it might just drift around the unchanged line.

Either way, I think there will be a good chance there will be a 150-200pt down day on the DOW within the next two trading days. This would be a good time to reload on the long positions especially the financials.

The re-instatement of the uptick rule I believe is for real and the effect not to be underestimated.