I know, I know. The crys of “bullshit rally” are being shouted from the rafters today. But get ready because yesterday was some kind of crescendo. The end of the day sell off was a beautiful bear trap.
There are many very large energy-oriented funds that were forced to liquidate. Someone bought a lot of stuff on the cheap. I’m not saying we are through hammering out and testing the low-end of the trading range, but I am saying that we are not falling off the cliff right now. Which means we rally to SPX 1120 over the next few days/weeks.
The fever is broken. Now get outside and enjoy the clearing skies!
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will do, heading out right now.
Scott, thanks for helping me keep the faith:) Love your radio show every morning. In fact, my 4-year-old is prone to saying, “Mommy, ith it time to lithin to Thcott yet?” He has a pronounced lisp, but that doesn’t stop him from copying your cadence and loudness LOL!
Susie. Thanks for the kind words…
My 5 year old follows my loudness too. It makes for a very noisy house! My wife call us “The Loud Family”…
But this is not about faith. I will spin on a dime if I surmise it is necessary!
I bet it’s nice in Montreal this time of year, eh?
1120 or 1150? 1120 seems too minor.
I thought 1120 at one point to, but that seems to be everyone’s “get short” point. I’m going to hold this swing until 1150, but i might hedge a bit around 1125 or take some off.