Last time, I said that our message board poll had ZERO short Bears and that such had never been seen before. This was exacerbated by a large partially long Bull reading. For whatever reason, this seems to represent weak-handed Bulls and they love to shake them loose with a quick decline. We got it. We also got a come back. Frankly, I'm surprised. This is probably a function of three things. Trend Momentum (not our Momentum indicator which is Bearish), Liquidity, and widespread Bullishness. This is to say, while folks are "too Bulled up", there's nobody Bearish enough to sell, and Mo and Liquidity are enough to push the market higher. This will change, to be sure, but it may take a while. I'd expect a bit more selling today, but we should probably not get creamed. Now, things may change quite a bit later on, but that's another story. Bigger picture, we've seen this before. The crazy Bullishness gets a some folks all Beared up, the market declines a bit, and they get short. Then the market rallies, bagging them. Later, after Bullishness has waned a bit, we'll get a decline and Bearishness will rise enough to ally Bull fears. THEN they'll absolutely kill this market. So, for now, we're looking lower but not for too much, nor for too long.
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