[notouch]

I would say the ideal entry level would be a fib pullback. Interestingly ES hit the 38.2 fib and then rallied while YM went down to between the 23.6 and 38.2 fib. Friday's action certainly looked very bullish so you may have already missed the ideal entry level. If you're an end-of-day candlestick trader then the fib pullback followed by the bullish piercing pattern was bullish. A lot of traders were buying into the close so expect the buying to continue on Monday. On the other hand it may retest the lows. We may even go down to the 50 or 61.8 fib. I wish I could predict these things to perfection.

The yield issue may not be as critical as I had suggested in my first post. The market needed an excuse for a pullback and that was it. On the other hand if yields go much higher that can't be good for stocks. Summer is traditionally a volatile time for stocks so day trading or swing trading may be better than position trading.