Wednesday, September 23, 2015

Sticky Dip Buyers

The dip buyers are lurking the shadows, preventing a clean flush down to SPX 1910.  Lots of bears out there, and they are the weak hands, triggering big short squeezes before the close, now 3 days in a row, afraid of the monster gap up out of the blue potential that always lurks in a downtrending market.

We got the sum of all fears after the China PMI came in weak, but that was pretty much the low, and we have rocketed higher since.  I am not interested in shorting here, but still looking for that one last flush out to buy.  I am ruling out a retest of SPX 1867 anytime soon, because this is not the type of price action that causes a waterfall.  Perhaps late next week.

Not interested in trading bonds here, it's in no man's land.

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