Putin Redo

Putin says nyet to attacking Ukraine.  I underestimated the man's poker skills.  He folded his hand on the flop, didn't even wait for the turn or river.  He doesn't have many chips to play with, and he knows it.  He saw his stock market get crushed and knew he had to act fast.  Yesterday was a golden opportunity because of the uncertainty and fear that I saw out there.  Not the fear of the market tumbling, but the political fear, a more irrational fear which has no lasting effect on the market.

Unfortunately, other than a quick scalp of a move in the opening half hour, I waited for a bigger down move that will not come.  It figures.  Since early February, this market has not given longs a chance to get long on any deep pullbacks, it has been one and done.  One down day and back up again.  Often times, not even one down day, but one down night, as the overnight session dips, only to see it being lifted in the US premarket and then into the stratosphere during US regular trading hours.  

A market that doesn't let in dip buyers unless you have the threat of World War III is a strong market.  The sky is the limit.  I wouldn't go short until you saw euphoria.  And the only way I see euphoria is if we go up for another 2 or 3 weeks.  By that point, we're probably 1900+.  

With this monster gap up, odds are that we keep going higher.  The market was on that course before the brief Putin disruption.  I am on the sidelines, seeing one more opportunity pass by.