Yesterday's trading action was bullish, period.  Coming into yesterday morning, the market still felt heavy despite the intraday reversal on Tuesday.  As the morning unfolded however something took the fear level out and markets pushed higher.  Financials performed again and some of the high-beta names like AAPL and AMZN resumed their bounce higher.  

We didn't add any Bucket 3 long exposure yesterday but played WFC as a Bucket 2 trade, which we still hold going into today's session.

From a technical standpoint yesterday's trading was bullish.  On the SPX (see chart below) a nice bottoming pattern formed the past three days, which also coincided with the 50 day moving average and a 61.8% Fibonacci retracement level.  We will add index longs here with stops below the 50 day moving average.  Our long-side target remains $1380.  

At this stage in the cycle and seasonal location we don't want to add to Bucket 3 holdings, but would do so at lower levels.

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