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I’m ova here now, eating sandwiches in the face of this drama. Some high quality olive oil does wonders for a sandwich, in case you were wondering. Also, a bold espresso washes it down perfectly after you have finished eating.
As tempted as it may be to sell all longs and go short after this morning’s reversal, the market simply does not want to roll over right here, right now. Take an objective look at the price action, and you will see that it is benign. The marquee materials and techs should be down 3%+ across the board, but they are not. Looking at my portfolio, not one position is down 2%. In fact, $PAY is screaming higher. Of course, I still have my long $QID hedge.
Nonetheless, the bears need an afternoon thrust lower to command my respect. I am well aware of the indecision that we have seen over the past several days, fully on display with the string of long dojis that have been printed. It is important to note that the indecision, in and of itself, is still not enough to turn me into a bear at this point in time.
I understand that many of you steadfast bears will just counter this post by arguing that the market will simply roll over tomorrow, and today is merely foreshadowing the move. Perhaps that will be the case. However, after the sustained move higher in the month of September, the bulls have earned the benefit of the doubt, which means the bears must overcome a fairly heavy burden to reverse the trend.
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