7/29 - bullish (buy stop)

• market is telling me that its risky to hold over the weekend...especially since this weekend should be the time when big strides are made in the debt ceiling talks...
• with a strong selloff leading up to this debt ceiling deadline, big surprise will definitely be to the upside not the downside...this means risk/ reward for bears is worse than bulls
• only shorts worth holding onto currently are those that are doing worse than spy in short term time frame...stronger stocks are very very dangerous
• VIX continues to hold strong and has a bullish triangle forming...
• last minutes of trading are now showing weakness in the markets, not strength.
• i can't see US defaulting on its debt...i will not be surprised to see an agreement made over the weekend with a huge rally in futures going into monday.
• house is voting right now on boehner's plan that is said to fail immediately in the senate if it passes the house...
• first time in several days that we are able to close nearer the highs than lows...but still a lateday selling campaign into the close...but today was less strong
• as cramer said, it feel like short sellers are covering shorts and taking profits ahead of the weekend debt ceiling debate...we have seen to many times over when the gov't does some big thing and causes a huge futures jump right after the weekend..and like other shorts, i prefer to be safe than sorry...

So monday sounds like a perfect time for an oversold bounce back to prior highs...many bears prepared for it today and many bulls have been on the sidelines patiently waiting for it...will it come? unsure, but many signs of evidence that its possible..and if it does, i definitely will jump in with both fists buying long with a loose stop