Right?
There's so much more capital that is long only by mandate; there are so many more eyes looking for big winners; the natural state of the mind is to look for growth and believe stories propounded by protagonists.
Almost by definition, any given market environment must have pockets of overvaluation borne through optimism and a lack of capital and eyes looking for incongruous storylines. So, being a bear must be easier, right?
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8 comments:
1120 here we come!!
That Day 1 decline was the worst thing the bears could have done.
I agree with what you said earlier though, any chance the bears have left for the month resides in seeing a downside reversal today.
GS has turned negative intraday.
Maybe the bears have some fight left in them.
Hopefully the bears understand how important today is and how important it is to fill this gap up open today.
A same day filled gap up open (above resistance) is a slap in the face to the bulls.
Yes, indeed it would 'embiggen' the bears. :-)
(a The Simpsons reference btw)
If the bears can push it below 1040 tomorrow that would be the first time this whole rally (since March) that a gap up has been filled the next day. I will remain bearish.
If we break 1060, I will flip bullish for a trade!
Looks like today will be the lowest trading range in 7 days for the S&P. This means a big move is coming tomorrow and unemployment claims should provide the perfect cover to move the market hard one way or the other.
The last 2 times we had this was on Friday where they took the S&P up 30 points in a hurry after that and the day before Fed day last month. The market moved down hard after that also.
Its going to be a very crazy day tomorrow. Hopefully, at the end when the dust settles, the bears can win the battle. But I suspect they will start the day as the losers.
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