The market is really testing the crude oil bears today, as everything seems to be going down, stocks, bonds, dollar, but not oil. Even a bearish inventory report was just a blip in the day's uptrend. I added to my previous short position, too early, but this will be a longer term play.
As for S&P 500, completely breaking down, it is clearer than ever that without the daily stock buybacks, this market is standing on quicksand. We are right on the cusp of a big bad bear market. The market is screaming weakness, as we flatten out the monster 6 year uptrend. I am expecting a break of SPX 2000 within 2 weeks. I have no short position, because I figured we would trade sideways into early April before getting whacked, but the market is too bearish, it doesn't have the staying power and therefore doesn't give longs as much time to sell the highs.
I have a double bear suit on, bearish oil, and bearish stocks.
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