_________
The S&P 500 is closing in on the June 21st intraday high of 1131. The $SPY actively traded ETF actually made a high today that surpassed anything that we have seen since the middle of May. With all eyes on 1131, the issue is whether shorting this area has now become too obvious. To be sure, many of the leading stocks are becoming extended. At the same time, many other charts are setting up behind them, in order to move higher. Objectively speaking, this is the stuff that broad market breakouts are made of.
The hardcore bears arguing for a 2008 type of collapse have very little to support their arguments in terms of the current state of equities. Two years ago, looking at my nightly scans was basically an exercise in witnessing top after top after top after…Today, the market is much more constructive. Throughout this summer, we avoided dipping into official bear market territory, staying well above the 20% mark off of the April highs.
My outsized cash position is basically me giving respect to the trading range, as well as to the OVERBOUGHT signals in The PPT of late. Into the closing bell, I see we are closing flat. The sellers are holding at resistance thus far, but I have to wonder whether this is a trap to lure in eager bears ready to pounce.
Technically speaking, we are still in a bull market. Ignore that fact at your own peril.
RDWR – can you ignore it? j/k
Amazing, I made a killing on the stock and I’m still kicking myself in the ass for selling it. Gotta love the market, man.
I was long that stock too, made money, sold out on the 10th. oh well.
Yeah, I noted your video about it in The PPT User Notes.
talk about a rip or explode
just read it.
yeah, it would have been nice, but your reasons for selling were the same as mine, caught a move, etc etc, and a buyout is beyond unpredictable, so if I repeated this trade 1000 times, I would still have sold when I did.
like the commentary and dissection of internals
“Technically speaking, we are still in a bull market”
Chess, do you see a pull back won’t be long and deep but market will return uptrend quickly? If that is the case I want to look for opportunity to sell VXX TZA. But what about TLT strength?
We can decouple from TLT, in theory. Tough to have conviction one way or the other in the short term, and thus my big cash position.
lol @ the title.