I am interested in how bullish many people have become today... at this point this bounce is no different than the two 3% moves we've had in the past 10 sessions. A print anywhere between 1040 and 1100 really means very little in my vision; we're just ping ponging in a big range. In retrospect perhaps one of these times we'll look back and say "that 3% move actually meant something" but no one can tell yet. Until we get over the 200 day moving average on the S&P 500 I see little to get excited about. That said, I see today easily ending at highs of the days as computers rush in to mark up the close.
I now have 9 outstanding limit short orders, each about 1.5 to 2.5% in exposure. I am hoping 4-5 hit if we get a Kool Aid rush tomorrow and get near 1100 on the S&P. If this is a new V shape bounce (of which I believe there is a 10% chance happening - i.e. unlikely) I will cover those as all entry points are very near resistance areas. But for now I still need many of these stocks to rally another 3-6%. As I wrote last week this market is not easy for the bears even thought we're in a downtrend as the multiple +3% days have dashed many a profit for those who do not take their gains immediately. Holding risk overnight long or short is a pure gamble nowadays as each day ignores the previous. The market's attention span gets shorter and shorter, it used to be that of a 7 year old... now it's closer to a 3 year old.
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