Nice bounce indeed.
Pre-market SPY trade is up, up, and away. Right now we are at close to 205. Above my target for the bounce off the Brexit bloodbath.
I consider it too risky to buy here, so I have trimmed my long bullish ETF holdings, and will watch to see how the day progresses to consider closing the bullish bets.
My bias is that the bounce will lose steam, so bearish FAZ and TZA will be the way to go.
If we stay above SPY 204, and close above it, rally on and long we go.
Bottom line is we need to observe how the market moves and get on the right side of the trade.