Markets are still Bearish

As long as the 52-week highs isn't taken out, I still have a bearish bias going forward and believe that any bounce in the market can be shorted.

The dollar is having a rebound today as well. In the past, a strong dollar meant a weak market but that hasn't been the case lately. Lately it has been oil and fears of inflation keeping a lid on this market rally and is probably why the markets are trading positive today.

But as we know, this rally is on the back of QE so whether or not this rally can hold on without the Fed has yet to be seen.