If Monday’s price action occurred on any other day I would have been impressed by the reversal. The fact that this turnaround occurred just before Election Day, on a day where the S&P recovered from the lows as well, makes me skeptical of this sudden rebound. To have a case for an early seasonal bottom the bulls will need to promptly build on Monday’s price action. No follow through, no bottom. Watch the S&P. Watch ULSD.
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