An island reversal update

Mid-week market update: Remember the island reversal? The market gapped down and skidded last Thursday after Wednesday's FOMC meeting, creating an island reversal. It opened down on Friday, but managed to close in the green on the day. And it has rallied back to the bottom of the gap this week.

Have the bearish implications of the island reversal been negated?

The full post can be found here.