The opening thrust higher this morning has, by and large, held well into the afternoon. Breadth is decent, with biotechs, retail, and steel stocks leading us higher. Intraday, the market is flatlining. However, as you can see on the zoomed out 30-minute SPY chart below, the loose and sloppy nature of the market’s price swings has added to the risk for both longs and shorts.
Nevertheless, the fact remains that the buyers continue to step up to the plate despite the seemingly demoralizing giveback after each rally. While far from ideal conditions for being all-in long, the bulls clearly have the initiative and it is theirs to lose as we flirt with 1400 on the S&P 500.
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It’s interesting that we’re finally starting to see some bullish commentary. I think you’re spot on, but if everyone’s seeing it that could be the end…
Not wildly bullish at all, as you will see in my posts and video. Very selective here still.