Insult To Injury
The injury to the bears was a 100 handle ramp up since the 1,044.50 low a month ago. The insult is the theta burn they’ll now put any remaining bears through before pushing the tape to new highs and triggering a boat load of stops.
The wave count is close to reducing itself to at least short term bullish – maybe even long term bullish. I have not made up my mind completely on that – although the jig is pretty much up on Soylent Blue there are signs on the horizon that this ramp up may have been a final fuck you to anyone daring to short this tape for the last six months. Similarly however I am being as objective as I can and if we don’t see a rapid reversal soon after making new highs even the long term bearish outlook may be in the toilet. Emphasis on may be – so to your mentally unstable: Please don’t freak out on me, I just work here.
Not much else to add – the tape is what it is. Mr. Zero briefly dipped into the red early this morning but as that’s now illegal the situation was quickly remedied thanks to our equities slinging friends over at the Fed and their primary dealer cronies.
I’m not a betting man – and there is s till a theoretical chance that we drop right here and don’t look back. But I frankly feel pretty ridiculous even writing that sentence – who am I kidding? Have the bears given us any indication they are capable of stemming the flood of easy money that’s been pushing this turd back up to whence we came earlier this year? Pussy Central – that’s all I have to say.
But lamenting traders are usually losing traders – so, let’s cut that crap right now and here. Sentiment among you guys has been pretty lousy as of late – I read the comment section and you guys are getting reamed, I can tell. But I keep pointing toward the light – which IMNSHO is Geronimo. Remember – it’s only for ‘entertainment purposes’ – but at least on my end entertainment pays 😉
Yes, the truth hurts – embrace the pain.