Thursday, January 14, 2010
Waiting For a Blowoff
The bears gave it their best shot on Tuesday and Wednesday morning, and it got them nowhere. We are right back at yearly highs on the SPX. The SPX is a beautiful looking chart if you are long. But the investor sentiment is very complacent. For me, the final arbiter is price action. And it is awful on the short side. I can't make myself go long here, with all the complacency. I definitely will not short yet. I will wait to see what the reaction is to INTC. I have no strong opinion about how the market will react.
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2 comments:
totally agree, this market is dead and could move explosively one way or another on earnings tommorw. im biased to the upside but dont think we will get much past 1160 spx if we do go higher.
1160 on tap
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