..another head-fake?

Early last week,  we were wondering if the nice move to the upside was just another head-fake, today we are wondering the same thing.   Why shouldn't we, every triple digit day up seems to be followed by another one down.  The only difference today is that the market posted it's largest percentage gain in 4 months and it's going to take some horrible news to give up 300 points fast.   Has the sentiment changed after the Fed signaled a hike is not imminent?.   Hardly, this market is too paranoid to decipher something on a dime, besides the fact is half of it is at beach.   Dovish or Hawkish, who cares, better yet who definitely knows.  The market was already up quite before the decision and statement from the FOMC,  this was primarily short covering into the usual 2:15 spectacle before more headed off to the beach.   Simply, what this market feels though is a lot of pressure taken of it by Oil hovering and than sliding below $120,  it doesn't feel less pressure because the FED directive was either dovish or hawkish.   It's just relieved at this point and if the oil price consolidates here without some geo-political garbage in the near term, we may actually continue higher.   But, before we do we need to get some follow through and this may not be so easy as the major indicies are coming into resistance and it's not only the July recovery highs, but the dreaded 50MA monster.   This won't be an easy task and considering we're not too far away from these obstacles, we'd remain patient here and continue to look for individual trades hoping they all work out like the alerted IPHS gap short from 37 to low 32's.  Yeah, right!..lol.  

Speaking of IPHS and the commodity wreckage...opportunity maybe near to trade these again!.   The fact we know these are capable of doing big daily moves, we won't need to hold these overnight and risk.   The opportunity aspect comes from the fact the $CRX is toying with a multi year trend-line and a bounce becomes a strong possibility.   On the other hand, if oil continues this fast slide,  it will be a massacre for this index and its components and friends.  One and only way to avoid a beating is to intraday trade until we see a clear direction for the participants.