Even if the indexes slip back to the low sp'1870s in the latter part of today, it will still make for a lousy week for the bears. Not only have the bulls achieved a new high on the sp'500, but we've again seen a market that recovers losses far quicker than it takes to build them.
Lousy day huh? Well, except for those still buying the proverbial dip.
So much for the Wednesday hysteria, which seemed to last a mere 30 minutes or so, only to regain half the losses, and here we are..having fractionally broken a new high.
The weekly charts are now back to outright bullish...
time for lunch, which should consist of 3 servings of tranquilisers, and a bottle of red wine. yes?
12.30pm... Certainly, we seem stuck in the low 1880s (not that that is anything for the bears to be pleased about, urghh).
The last MACD down cycle was a low of 1850, and right now, even 1870/65 looks difficult for Monday.
Unless some stinky news appears over the weekend...bears look toast for next week.
Ohh, and in other 'good news' , Oil Is +1.3%. Bullish US consumer for spring, yes?