As I stated in this morning's commentary, when short term (yellow line) and momentum cycles (cyan line) are deep in the lower reversal zone (-80 to -100), it's usually a good time to enter a long position.

A +200 point up day on the Dow and +38 points on the NASDAQ's a good reason why we like play these "mini-cluster" bottoms when the appear on the Market Forecast charts:

If you bought the QLD or DDM at yesterday's close, or early in the session today, you've got some nice profits to lock in with stop loss protection. Consider using the Donchian channel center line on a 30 minute chart as a first tier stop (39.52), and the bottom of the channel as a second level stop (39.10).

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