I ain't too concerned about it just yet. The futures sold off going into the close and, frankly, the volume was anemic to believe this rally has any sustaining power. We shall see on Monday.
The S&P futures is trading lower by 6 points in the afterhours. Although that ain't much, I believe there's more to come. Should we gap down tomorrow. however, you will get a rare chance to witness an island reversal in real time and that, my friend, will not be a sight to behold for many silly bulls.
Head & shoulders must be in vogue these days. From the daily down to the 5-minute charts, you see them everywhere. Not incidentally, S&P ended the session with such a pattern on the 5-minute chart. Kill me if I'm wrong but I feel the heat is mounting for the bulls and the market is frankly overhyped, if not overcooked.
NIKO...I see the vix getting ready to move, ya could feel the market grinding to move higher, couldn't hold 100ema....I am still net short with very few longs.
just thinking out loud ...
is it possible ... ??
depspite record writedowns by investment bankers, financial collapses (i.e., bear stearns, countrywide, bank closures, etc.) record fuel prices, record commodity prices, food shortages, riots, homelessness, unemployment, record low consumer spending, stagflation (low growth, high prices) ....
is it possible ...
the bull market could return?
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