This market wants to sprint but with as little players on its back as possible. Who took advantage of today's huge rally? Bulls, if this species still exists? I doubt it. They may have boarded the train when the market rallied in a similar fashion on Oct 13th. They are still hoping to be able to break even. Bears? Not a chance. What about people on sideline coming into today? I think most of them were waiting for the test of the earlier lows to go long. I guess they are still waiting. So who benefited from the move? Only a lucky few who went long yesterday at the close or this morning for no obvious reason.
Where do we go from here? If I am right about my assessment of smart money then they won't let go of this mother of all selling opportunities. I think I will have my answer before this week is over.
1 comment:
be careful... in this market.
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