This post is as much to test out the new site and get us used to our new environment (NFTRH.com will be much more NFTRH-intensive than Biiwii.com, which itself will continue on in line with its original purpose, that began in 2004) as it is to update the market. But while we’re at it…
A few things going on here…
Our upside bounce limits are being well tested, and as has been typical of this bull market the bounce back from a bout of fear has been impulsive. Multiple times have the bears broken things down since 2012 and multiple times the market ate that for breakfast.
While I still hold the shorts against SPY and QQQ, I am positioned net long still, although I had expected to be paring back on that exposure by now.
Frankly, while working on the new site I have had little time to look at the market and maybe that is a good thing. Fidelity notified me that it is not happy about the sudden drop off in trading commissions :-), but I am happy to have not been watching too closely over the last few trading days.
Obviously, as the headline above shows, the psyche of market participants is being repaired, with Goldman reinforcing their improving mental state.
None of that is bullish. What was bullish was the October terror that cropped up, sending people into emotional overload. I thought it would only be bullish for a bounce and indeed that is still what we have going on here. But the bull is pushing some limits, so let’s remain open to the possibility that this could morph.