It is still very possible that the current pullback will extend for 2 or 3 more days, but the strength of the reversal today suggests that the pullback is probably over. I took positions in the Qs and the IWM near the mid-day low. We'll see how that works out.
Wednesdays are peculiar days. They tend to be very neutral. If they start out going down in the morning, they tend to finish up in the afternoon, and vice versa. One clue that today might be a day that could complete the pullback was the very fact that it started out going down instead of up. Had today been an up day as I thought it might, we probably would be looking at a continuation of the pullback.
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