The bulls made a good showing today, but the bears hopped on the intra-day double top and shorted all the way down to the close. The increasing volume to the downside in today's action combined with the technical damage that we've seen on the higher time frames...in particular the daily...tells me that the short side will probably win. That being said, if the bulls manage to trap the bears, there could be a big rally as the bears get squeezed. With Obama giving his state of the union tomorrow, I'd be very cautious trading to the upside, but then again, I'm short and probably a little biased. We'll see if tomorrow's trading can get us out of the range.
TLT
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