This is a picture of me, my buddy Todd Stottlemyer, Brian Shannon and my Stocktwits buddies running wild with the bulls in the massive 3 point follow through rally today. Todd was bruised badly and will not be throwing a 95 mph two strike slider to his 2 year old for weeks to come. Brian will will be doing a chart on the massacre later.
Frankly, a flat, sideways, consolidating market is good for the bulls and every day that goes by a base is being built. We need to get through the 740-742 level with passion for me to become short term bullish, after all this just a bear market bump. I’ve been writing for a couple of weeks now about the lack of follow through in this market and how it is failed to put together two positive days in a row. Well, it did today, by two points. I laugh at this pathetic attempt, but the bulls will take it.
I had a very nice day both long and short, and I plan on playing the field, as always. Personally, I think we cave soon, but I will be watching the aforementioned S&P level for a push back or a breakout. If the market fails there I will release the hounds of hell on the short side, if it breaks higher, I will be very long. Hope you guys killed it today.
P. S One of my favorite shorts on a bounce and a failure to break out is AXP.