The 5-minute SPY chart below shows that after a brief dip this morning, the bulls arrived once again to buy it and propel the market higher. Since then, we have been basing all day. Once again, the bears have yet to sustain any type of damage to the technical picture here. The 30-minute chart of the SPY shows that while we have yet to fill Friday-s gap, we have spent time closing some of it.
I continue to find it puzzling that bears are calling this a blow-off move. On these timeframes, the market is sure working on plenty of backing, filling, and basing. The overall move in 2012 has been strong, so a cooling off period would not be surprising. That said, the bulls remain in control.
________________________________
________________________________
Seriously Chess, there must be a shitload of cash-sitters and slightly-hedged, but are there really any more bears… just asking?
I know it seems like there are none, but if you scan social media you will see plenty still looking to load into inverse ETFs
Yes. See @keithmcoolah
He’s just yaps about his hair.
Options are cheap. If I were to bet against the market, Id be looking at leaps … These inverse ETFs are designed to screw people.