Today was a logical day for a big bounce for several reasons: it was overdue, an important pivot point was under duress, and it is Thanksgiving week, traditionally a rally time. So, today really wasn't much of a surprise, and the rally was pretty broad based (I had almost 80% of the stocks in the market advancing today). So. it looks like we are relatively safe for the rest of this month, at least crash wise, but this is day 2 off the low, so in O'Neil's book, we are still waiting for the buy signal, which will come, at the earliest, on Wednesday (not likely, seeing that is the day before the holiday).
We got the bounce we should have gotten, and at the time we should have gotten it, and to top that off, at perfectly logical levels for it to bounce. I will be shocked if this results in a follow through day and we go into another up trend: this, so far, looks to me like an opportunity to get some shorts for another, eventual leg down.
I will have the new highs update shortly.