Feet on the Ground aka "One for the Road"

Factors that argue for a decent rally from here:

1. SPY daily and weekly charts are oversold and giving buy signals.

2. Successful test of $83.58 Oct. 10 low.

3. Off the charts VIX readings.

Factors that argue for another test of Oct. 10 low:

1. Parabolic moves tend to act like gaps, i.e. they get filled...today's move was also about 50% short covering (myself included I might add).

2. 99.10 is still major overhead resistance.

3. Still relatively low overall volume.

Some upward testing seems like a sure thing at this juncture. The question is will it be an explosive rally or merely a another consolidation before the next plunge comes along?

I don't know the answers, but I'll be watching again next week.

Meanwhile, I have a plane to catch!