Some of my readers will recognize my previous work from the Reversion to the Unified Mean (RUM) Wave blog. I wrote it in relative anonymity for a couple years. That work can now be found here.
Today we saw a noble effort from QE3 hopefuls on the back of the FOMC minutes. However, the fact that the market was not able to rally to a positive close does not bode particularly well for the bullish case. That being said, the intraday slow stochastic on the 1 hr DJIA chart is pretty oversold, so it would not be unreasonable to expect a little bullish resurgence in the next couple days. This probably won't change my opinion on the next 10-15 trading days and I will plan to hold my 3x inverse DJIA ETF through next week.