It took a while but we finally had a little bounce action this afternoon. Ben Bernanke's speech seems to be the excuse the buyers used to be a bit more aggressive. Apple (AAPL) is still lagging but if that can make it into positive territory, it is going to suck more buyers in. What we really need to move is fear of being left out of the bounce. Once we hold in the green, for a while the chances of that emotion start to build.
I'm playing this bounce primarily with ProShares Ultra S&P 500 (SSO) since I just don't see many individual stocks set up for sustained moves at this point. I'm not trusting that the bottom is in but we definitely could see a bounce that knocks the complacency out of the bears.
I'll be looking to add to my SSO position at the day's high and on a strong finish. One of the markets big problems lately has been weak finishes, and if we can overcome that I believe we'll see a little more upside in the near term.