Today I entered DDM (UltraDow) for the intermediate wave ABC rally. I snagged 2,730 shares today at 72.65 each. The market closed at 73.49, and I suspect today was a correction (wave 2 of A). Based on the previous ABC rally of this degree, I should be able to sell these at around 83 after the ralley has completed. I will not put in a limit sell on this price though, because I want to wait until I see the A-B structure unfold, which will help determine if 83 is a good selling price after C completes.
So clearly I'm bullish about tomorrow and probably next week (although the B wave may cause a small disruption).
I find it funny that the news keeps talking about the Fed cut and Microsoft's high earnings being the cause of the rally. No -- the truth is that this ralley is just a classic Elliott Wave.
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