Don’t Get Your Hopes Up (Yet)
Don’t Get Your Hopes Up (Yet)
1:39pm EDT: I love how the bears are all getting excited now about the current drop in equities. We are down – let me see – a whopping 5 points for the day on the SPX – geee – I alert the media!
Well, settle down hobby bears – nothing has happened yet. We haven’t even officially cleared that SPY channel – retest is in the works right now – if we’re lucky. The bulls might just manage to push this thing back inside and watch the bears scuttle off like cockroaches if they do.
Seriously – the bears have taken it up the ass so hard in the last week that a 16 point drop in the ES feels like Christmas Eve to them. It won’t be so easy – and we probably see a few more head fakes before/if this shit breaks.
1:48pm EDT: BTW, if you can’t find CNBC on your cable lineup today – it’s because they changed their format a little:
3:04pm EDT: Freaky hour is upon us. Unfortunately my paranoia was well founded – as usual. However, I’m actually pretty excited – yes, please let them close the tape up the 7th day in a row 😉
