2bit, hard to tell what they would do right now. Definitely, no shorts! But they sell a few of the favorites, which means that indeed they might take a pause. The wave count continues to be bullish (according to my count) in spite of the bearish interpretation of most “waves-gurus”. I see it as we are in wave 3 of (3) UP which is supposed to be a strong impulse.
On the other hand, let us look at the stinky fundamentals: last night FUTURES BUYIG was overwhelming. Bad industrial data in Germany, bankrupt Greece and Iceland…were al buffered by the SPX futures acquisition - by the gov. Later in the day, the same. I started to suspect that the “inverse correlation’ between $/euro ratio and SPX value is a fabrication, meant to give a logical explanation to what is happening and which has nothing to do with a carry trade of minor size.
I understand you speak French. During the ‘68 Spring, the students on the barricades in Paris, had a slogan : “Vive le gouvernement, quel qu’il soit!” [ I.e. Long live whatever government we got!]
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