The bad CPI brought the DOW down 100 points but the Fed minutes brought it back up 200 point. The options guy loves it but you have to day trade it to get the benefits. In a nut shell, the Feds are saying they will lower inflation expectation to accomodate the economy. That means more rate cuts. As mentioned before, the bias is still down but the picture is changing. Today, OEX spanned s1 (618) to r1(629). Tomorrow's numbers are 630, 623 and 619. 618 was tested multiple times and if held again to close around 630-631, the chances are breakout to the upside. The NASDAQ 3 horsemen are turning up especially RIMM. Commodities related trades such as POT, and OIH are already into intermediate up trend.
2c
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