The S&P has broken above the 200 day moving average at around 930, breaking out of the month long trading range between 875 and 925. That is on top of the market breaking out of the 825 to 875 trading range in early May. Now in early June we are breaking out again. Yet there are a lot of bears calling this a sucker's rally or a bear market rally with lots of potential downside. That would give me the absolute chills being short a rising market with a lot of bearish skepticism. We are either going to churn sideways or go up, but the downside will be limited until I see a lot more bullishness. TheStreet.com market sentiment poll today showed a lot of bearishness despite the rally last week. I would not be short here.
be careful with thestreet.com poll. i myself quoted it before on this board, but it is garbage or has become garbage because the poll has been invaded by bots. these are not real people who vote there.
Most days, it seems the only ones chasing price are daytraders but big money is not biting. In fact big money keeps selling to raise cash. Gap up for 30 mins, then 6hrs of screen punishment time if not a whack on the head. That's not my kind of "bullishness".
Well maybe if you were one of the 9% unemployed people in the nation you'd understand the lack of bullishness. How can people feel good when job loses are going wild. WALL STREET IS A GAMBLING CASINO AND HAS NOTHING TO DO WITH MAIN STREET. MAIN STREET ALREADY RIPPED JOE SIX PACK TO DEATH AND HE'S NOT COMING BACK.
Lack of bullishness on the economy is understandable right now. Lack of bullishness on the stock market is not. Markets dropped too low during the collapse. Whether markets have overshot the recovery or not remains to be seen, but they definitely don't deserve to be @ the lows.