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Near-term, the market is looking like it’s on shaky ground and that we could see a second leg lower by early next week. Overall, however, it doesn’t appear like we’ll be seeing any sort of serious correction.

Nvidia delivered an excellent report across the board which reinforces our expectation for $160-$170 early next year. The market action today is very deceptive and we’re likely to see a run soon. QQQ nearing the end of its consolidation and will make a decisive move soon.

Market pulling back a bit after the $10 bounce off of last Friday’s lows. So far the market is trading exactly as expected. Nvidia’s earnings today could very easily determine market’s next big direction.

The NASDAQ-100 (QQQ) pushes nearly oversold again on a small $3.00 pull-back this AM signaling a double-oversold scenario. This lowers correction risk somewhat.

With a sharp rebound expected early this week after last week’s heavy sell-off, we’re looking to make a wide variety of different trades across our portfolios.

SPY & QQQ have pushed oversold setting up a potential long trade heading into next week. The balance of evidence overwhelmingly points to a huge rebound next week.

Broad market has spent all week consolidating after last week’s explosive rally. The near-term action largely points to another leg coming next week.

CPI in-line with expectations. Market consolidation looks bullish across the board. The trading action at the moment favors a breakout in the SPY, QQQ and Nvidia.