The market is consolidating right at recent highs, as we speak. After yesterday’s shakeout, today the bears are the ones on the run. Unlike previous times when we have moved above 1160 on the S&P 500, there is no rush to hit the exits by the bulls. Disregard that fact at your own risk.
Below, a 5 minute updated chart of the S&P should illustrate the danger posed to shorts here. The high and tight consolidation indicates a high probability that market players believe that it is now acceptable for the market to be operating above 1160.
UPDATE: We are breaking out as I write this, as denoted on chart.
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It’s What it Is, Masta Killa style.
http://www.youtube.com/watch?v=Bf9s8nUwveI&feature=related
Only antimatter is what it isn’t.