Based on how well the market handled yesterday’s huge spike in oil and interest rates, this morning’s rally does not surprise me. Despite the 10-year Treasury yield surging to nearly 5% and oil jumping more than 7%, the major averages absorbed the pressure relatively well. That said, I see no reason to chase this rally. After four consecutive down sessions and with the market still technically under pressure, I want to give it a chance to prove that this is something more than a dead-cat bounce. Good markets have a tendency to open weak and close strong. Bad markets often do the opposite. How we finish today will tell us much more than how we opened. For now, I’m watching the quality of the rally, whether leadership broadens, setups proliferate and, how the major averages behave into the close and trade into next week. Let the market prove itself. We are still holding $IWM short against a few select longs with $DE leading the pack as our best performer.