There are still 11 minutes until close as I type, but today looks like the VIX will make a hammer candlestick. I have talked about this phenomenon before where the market is overbought and there is a large up day, but the VIX makes a major reversal off the lows. I have seen this happen at tops several times.
Because of that in addition to the allllllmost overbought short-term model today, I am going to suggest entering the BGZ trade before the close today if you didn't enter on the limit orders this morning.
I will consider 54.00 as the blog entry price wince it is about the average of the limit orders this morning.
Hopefully any drawdown will not be too uncomfortable on this trade.
Pete
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