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.
If you only looked at the major averages, today didn't seem like much of a good thing at all. However, it was much needed relief for the RumWave. On yesterday's post I mentioned that the RumWave chart needed a little rally to reset a couple numbers. Despite a mildly lower close for the averages, the RumWave score bounced up a bit. Very good for the overall health of this market. I still don't recommend jumping into long or short positions right here, as neither are what I consider high probability trades. The market wants to rally a little and the Republican National Convention, Jackson Hole, and a likely survival of this hurricane by the gulf states will give a bit of room for bullish rejoicing.
GOOD LUCK TOMORROW!