US Stock Market: 3 Amigos bouncing, broad market (including Amigos) remains intermediate bearish

The 3 major US indexes are on a ‘bounce within a bear trend’ plan and as of now that plan is intact.Yesterday was hairy and I am glad I was out for the last couple of hours so I could not out think myself during the whipsaws. It was a very profitable day (gold miners and energy playing a nice roll).I took profit on one of my 4 short positions and have some light long exposure in a few non-gold stocks.

You can see the green shaded (short-term support) areas and up north, a lot of red (resistance).  More and more I find it is dangerous to be reactionary to markets from the perspective of any one day (day traders, I don’t know how you do it and stay sane… assuming you are).It’s all about understanding what the trends are, within which all this whipsawing takes place.

So the bounce scenario lives, but so too does the intermediate-term bearishness on the broad US stock market…