Bears Remain In Hibernation
Bears Remain In Hibernation
3:00pm EDT: If you have hopes regarding a breach to the downside today – well it might be time to abandon them yet again:
Thus far we remain locked in this week long channel – every time the tape drops it’s just another dip buying opportunity fo the bears. They are basically walking the tape down intra day – anyone who’s ever traded the index futures for more than a month will agree. The Zero Lite has gone completely flat which means anything can happen any moment – call my jaded but chances are the surprise will be on the long side.
3:34pm EDT: This is usually when sellers will step in – if there are any. Actually I don’t want to close the tape here – I hope they bang it a bit higher so we get our 8th up day in a row on the SPX. The NDX is still positive btw – which should be good enough if we close here (i.e. 1561.5).
3:39pm EDT: I think the NDX and the RUT need some pep talk:
That’s right – let’s be positive – for the 8th time! Make my day, motherfucker…
3:53pm EDT: Breadth on the SPX is actually slightly positive – if you can believe that… T minus seven…
