what if the bears got it wrong and the market keeps pushing up? let's look at march03 bottom to see what might be expected. the market rallied for 8 days (+14% gain), then retrace of 6%. so, if today is +day it is possible to have a few more days of upside. the magnitude of the moves needs to be adjusted for the increased volatility (not sure what the adjustment factor should be 1.5-2 maybe?).
Undoubtedly, plenty of people are stuck short at these levels. Death watch for shorts continues with more record 5-day moves: xlf +35% (record, data only since 1999) spy +19.5% (record, data only since 1993) qqqq (+14%, not close to any record, data since 1999) xle +26% (record, data since 1999) ***disclaimer***: i am short spy
Thank the almighty printing press for this last 15% rally..... Most think these bailouts are the answer, I feel sorry for the fools who think this. The bear market is still kicking, sell the rallies or at least lighten up positions on any bounce, the bear has the bull by the horns and isn't letting go anytime soon.