IWM
SP'daily5
Trans
Summary
Well, that's one day complete in this short four day week. I think today was a real mind-frak for many traders.
With opening gains, Mr Market no doubt short-stopped a lot of bears out in the 1560/64 zone, only for the market to reverse.
Yet, with the Dow -100pts or so, then we saw a re-statement of what the EU minister had supposedly said, and the market ramps back, kicking out those bears who were shorting into the declines.
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It remains a nasty market for those on the bearish side, one where the primary trend - weekly/monthly cycles, is still UP.
I don't see any point in shorting this market ahead of the 3 day Easter weekend, and besides, I still think there is a very significant chance of the market breaking into the 1570s before this November-March wave completes.
a little more later