The dip from 1242 to 1228 was bought. From top to bottom, 14 points is all this market gave up after going up from 1170 in almost a straight line. That was quite a small dip. I know this is a seasonally strong time of the year but the market can fall in late December. It happened in 2000, 2002, 2005, 2007.
The equity put call ratios are extremely low but I don't think the sentiment is quite as bullish as those lopsided ratios tell us. I am not seeing that euphoria and excitement on CNBC, and the AAII survey that came out this week actually showed bullishness go down despite the market near the highs. Yes, everyone is complacent, but not super bullish. I will probably look to add short exposure again tomorrow.
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