Despite the brief initial reaction to the downside - with new daily lows, the market is naturally snapping back..and will very likely close strongly higher. The bulls look set for an easy hit of the sp'1680s by the Friday close. VIX is getting destroyed, and the 13s look a given.
Well, there can be no excuses for the bears.
All the small cycles have been floored for hours, and the market is just doing what many have been expecting for the past few days.
I guess some bears need to experience this another few hundred times before they 'get it'.
3.24pm...I see some bizarre comments from the whining and bitching bears out there..seeking a close at 'lows of the day'.
Yeah, good luck with that.
3.47pm... sp'1646..and the bears are getting hysterical again. sigh.
NONE of the smaller cycles look good for the bears, and with the daily similarly low, this is a lousy place to short.
All those touting new lows, where were they at 1705/09 ?
Even worse, many of them were the same ones touting 1720/60s in the past few days.
What a train wreck out there...most seem to have completely lost perspective on whats happening.