The bounce Friday wasn't impressive. Considering the Fed language Thurs, one would've thought we would've gone higher. Friday appeared to have a short squeeze in open followed by little conviction. I still am leaning towards this being an intermediate bottom but also leaning towards some retest(s) to stabilize things before going up. Outside possibility of just going lower which could be since this bounce was so weak. One thing to watch is to see how the European markets fare. Many look poised to bounce aggressively. Also will watch how the small caps create some positive divergence vs SPY. HYG looks very overshot and will look to see how it settles.
Looking to unload longs or start scaling out EOD Monday and reassess. If there are trades put on they will be very short term to avoid get whipsawed in either direction.