Which of the following statements best describes you?
- I am bullish, but feel I missed a lot of opportunity recently.
- I am bullish and am confident in how I played this move.
- I am bearish, but am tentative after a few misses recently.
- I am bearish and am confident in how I have played this move.
- None of the above. I am an asshole troll.
We’ve climbed the wall of worry in record speed. In fact, that 5 day rally in the SPY was 7%. That’s faster than the European Financial Crisis rally of August 2011. That stat helps to put things into perspective.
After an elevated move like this, both sides of the trade tend to get anxious. You saw this yesterday after the E-Bowl-a news hit the tape towards the close. It was a fast reaction because participants are anxious.
If sentiment is a guide we might see just a little risk aversion into next week. Whether or not we see buyers will be determined later. Not a bad spot to insure a few longs here going into the weekend, or to take a shot at the market pairing back some of these gains.
While you debate this over a few days away from the screen, debate coming out to Vegas with me. Learn more here: https://ibankcoin.com/investors-conference/