I would have thought we'd have taken this market down a bit more before rallying, but that may not be the case. It looks as though 1300 in the ES is a supportive environement to raise longs into healthy young hundred dollar bills.
Well that was a solid move up overnight and this am The ride down was fun too. Weirdness with the sector rotation going on. Really not healthy evidence of a market poised to continue substantially higher. Whatever. I may just close my shorts now and see what tommorrow brings.
Well the broad market took a breath today by poking its head above water for the first time in awhile but not exactly a breathtaking display of strength ---no pun intended. The transports have been in an absolute terror. Interesting times. I only wish for volatility. This squished wrung out volatility is getting old. Every few weeks we get a > 1.5 % day but otherwise its 1% or less in the indexes.
I don't know my permabear status hasn't been especially fruitful, but I do like to sell, sell, sell...
well, at least 12 months...average return for holding the SP when mutual fund cash levels are as low as they are now is -10%. 2 winners, 15 losers. i like those odds, but i could be damn wrong here.
Long-term interest rates continue to rise. Asset allocators using DCF-type models should be selling U.S. equities soon - and maybe also starting to shift money into bonds.