Its often said, the market is...what it is. Today's latest melt up has clearly rattled and annoyed oh so many traders today. The amount of whining and complaning across the usual financial chatter sites has seemingly really ramped higher in the past few weeks.
Yet, for all those with 'serious money' - who should be using stops, the latest post-June rally should be of no concern. Most should have been systematically kicked out between 1375-1410.
So..what part of this up trend do those who have been maintaining - or adding to short positions since sp'1266 not understand?
Which part of the current green candle on the rainbow (Elder Impulse) chart is too mysterious to understand?
A moody chart community
I sure see a whole lot of whining, bitching, and complaining today, and frankly, its laughable. The market is indeed what it is, today's latest bout of zero volume melt is to be expected - whilst there is still no catalyst to initiate some downside momentum.
After all, if there is one thing we've learnt since the 2009 lows, if there is no selling volume, the algo-bots will cause meltup in price. There are very well understood statistical reasons for why a market with no real buyers can cause prices to melt upward, and they've been covered by math pros infinitely more adept than myself. I sure won't go into that here.
I think its pretty fair to suggest that many of those complaining about this market are as much in denial as those bulls who think the economy is 'going to be just fine'.
All I know right now, is that is a green candle on the important monthly cycle, and that sure is not bearish.
Goodnight from London