S&P closed @ 1310
today was a fun one...big down open, little interest in buying....then kaboom europe closes and the bots go to work...only problem was there was zero confirmation by other markets...euro didn't fudge...crude burped...treasuries yawned...and the VIX played dead...
My take is the rumblings are about to begin...bulls were claiming victory in the 8th inning....then suddenly computers fell asleep and market fell right back down...no surprise as I said above, no other markets were confirming such a drastic move up....this is what a volatile counter-trend move (up) since main trend is firmly Bearish (even though no one on the boob-tube will mentions such words).....it shakes all weak bears and makes mince-meat outta the bulls...buy-the dip is still the menu du jour so until these over-eager buyers get washed out...often seen as capitulation....I will hold steady in short positions....
Job numbers could be the catalyst to nudge this market off the cliff....
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