There is a bid under this market. Period. Not a great time to bet against it. I was hoping for a little breather, but we've already rallied 1.2% off the low of the day. Maybe we don't hold the gains but this straight shot up is providing few entry points. The way it's looking we'll be at 1250 by the Friday. Maybe this is a sell the news situation. We'll rally until the jobs number and sell off no matter what. If it comes in better than expected, we'll sell off because a better economy = no QE3, if it comes in worse than expected, the bears will scream recession. Either way, if this market keeps going straight up, we're do for a sell off Friday. This type of action is very indicative of a bull market. Add to that the overwhelmingly bearish sentiment, and we're set up for a pretty nice September.
No comments:
Post a Comment