More Chop

We are just going up and down and building up more bearishness.  Not much to say about the action other than it looks like a normal pullback after a monster rally.  We should rally again if we trade like we usually do but things seem a bit different this time.  The crowd is getting wiser to the fact that we are no longer in a bull market, but in a sideways range bound market.  Thus, you see more bears even though we are close to all time highs.  But it is justified because this market hasn't shown that it can go much higher when it goes towards 2080-2100.

Not much has changed over the past 2 weeks other than investors loading up on put protection.  The downside should be limited till May 20 monthly opex.  The upside should also be limited so expect more choppy trading.  I am not really interested in buying dips except for quick trades.  Just want to wait for the next rally to put on longer term shorts in S&P and longs in Treasuries.  Target area for selling short is around SPX 2080-2100.  Waiting patiently to short the rip if/when we get there.