Bullish move. Machines buying slowing and surely as sellers keep moving their prices up and algos nibbling all the way up. Low volume melt-up is not an anomaly, it is called a seller's market. Takes two to tango. Who wants to sell when the prices are going up? Buyers buy a little before the market makers move the price up. Enough to rope in retail investors to share the bulk of buying.
We are at the top of the 2840-2880 shelf in /ES (corresponds to SPY). This is the second time we are in this box. SPY should dance between 284 and 288 for a couple of days as the RSI is cooled down for next leg up. May be we drop to fill the gap from today but that is the only short-term respite I see.
VIX broke the "shelf" Friday and we saw continued drop in VIX today. Bullish. I like 30 or so as the next stop. It was here on Feb 27th that all hell broke loose.
Daily PSAR broke. More upside. This should last a while.
What a recovery! I doubt we will ever see a bear market again. Fed and Govt have realized they can print and gift their way out of anything. There is no incentive to be "good" anymore. Pay your bills on time. Pay taxes. Live within your means. Save for the future. Yeah, right!
Caveat Emptor and good luck!
We are at the top of the 2840-2880 shelf in /ES (corresponds to SPY). This is the second time we are in this box. SPY should dance between 284 and 288 for a couple of days as the RSI is cooled down for next leg up. May be we drop to fill the gap from today but that is the only short-term respite I see.
VIX broke the "shelf" Friday and we saw continued drop in VIX today. Bullish. I like 30 or so as the next stop. It was here on Feb 27th that all hell broke loose.
Daily PSAR broke. More upside. This should last a while.
What a recovery! I doubt we will ever see a bear market again. Fed and Govt have realized they can print and gift their way out of anything. There is no incentive to be "good" anymore. Pay your bills on time. Pay taxes. Live within your means. Save for the future. Yeah, right!
Caveat Emptor and good luck!
Comment:
Oh! The obligatory "red" day. Futures are down a bit. Alas! Can't keep pumping like a bunny. Got to pull back and take a breather. Gap close Tuesday? Turn around Tuesday? Whatever!
Comment:
Futures broke out of the shelf. 2892 on ES. If this gap stick till open, we will have another gap and go. I guess we get to 291-293 today. A sizeable downswing from here is highly anticipated so it may actually occur.