A little snapback here

Nice rally here today. I was going to post something pre-open about a possible rally here, but blogspot wouldn't let me. I say that not to claim I called it here, but to put it in perspective. The markets were pretty oversold by lots of different measures; Trader Mike showed a good one. The point is that what to do with a day like today depends on your time frame--if you're very short term, then there are some good longs to catch. If you have a longer time frame, this may be time to sell, depending on how far this goes. On the Nasdaq, for instance, it looks like we've rallied right to resistance, so I wouldn't be a longer term buyer here without more strength.