Just when you thought a correction was at hand...the speed with which the markets seemingly correct is faster than an eyeblink. You miss it and it's gone. What I find fascinating is the buy the dips crowd, no price is high enough (or low enough) to get engaged. Sure, turnover is low and the breadth was weak, but it's resilient...or, maybe just getting too crowded now. The tight range and tight closes mean there is a struggle on both sides right now, and that builds compression...and much like a bullet out of a gun the market will explode from the with a fury..and one side will feel massive amounts of pain. Up or down you ask? Ha...you won't get me that easily. My answer is YES. There are many looking for 1000 on the SPX, but there are also those looking for 900 and even lower. So, the crowd is frustrated. Even a pop in the VIX was not enough to inspire the bears to followthru. Just not enough conviction, but there will be...when they least expect it. The market disappoints most of the crowd...remember all those talking head/shoulder 3 weeks ago? That pattern was destroyed, where are they now? In the poor house, probably. Let's be on our toes...trade the market that's in front of us and leave the speculation and chatter to the sideliners.
Have a great night, hit 'em straight!
Bagger
