Make Or Break
We are now close or at the eight month support line that the bears were unable to get near of, let alone breach:
Come to think of it we bears are now actually in a very fortuitous situation – the very top of this market is not that far away, I mean we’ve rallied hundreds of SPX points and we’re 30 away from the very peak. VIX is very low still and we are now starting to get wedged inside various resistance and support lines. The bulltards have been running like hell but we’re getting very close to the point where they’ll have to show their cards. What’s it gonna be? 1120 and higher? Or is this the end of the line?
As you know I went into cash on that first spike up on Thursday – yes, in some ways I’m kicking myself but then again, looking at today’s rip up a lot of doubts could have happened in between, nerves were already running thin this morning. So, I’m not going to rush this – let those fuckers either rip it up or buy into a retest of an actual support line breach. Let’s analyze the tape a bit more before we make any big moves and let’s make sure that this is not yet another massive bear trap. As GWB put it so aptly:
Right, something like that – back in the box with you, Dubya…