Bears did overall a very good job last week – especially if we look at some different indexes like RUT, SOX where they took markets down 4 out of the 5 days last week. However still Dow Jones + SPX is still managing to hold pretty good versus the other indexes.

On Friday I took profits on my short ETFs as I believed that markets could see a short term low on unemployment numbers. So I took some profits on short ETFs and went long for a possible rebound I see coming.

TLT had a GREAT rally since mid March bottom call on US bonds ,, and I think on Friday was good to take some profits on bonds. I see a PULLBACK coming in TLT bonds before higher and this suggest that mkts could see a bounce higher early this week.

Conclusion: So all in all – I expect a relief rally starting early in the week but we should not make new highs ,, but make a lower high before failing and going lower in the large correction which has started.