Bull Market Guys Get All The Chicks

I will never forget this tape!  Realistically, it never pays to bet against those with the guns and tanks.  We’re all guests at their little parlor game after all.  I was a skeptic the whole way but I repeatedly acknowledged the possibility for this type of action.  Yesterday I even flagged a pattern that made it clear that the high probability trade was that the lows were in and we were going higher for the rest of the week.  Plus, good GDP numbers in a post-expiration week are a layup long trade.  But that’s a story for another day.

Please no dancing on graves.  If you were long, don’t say it was easy or sooo obvious, you’re just being disingenuous.  The balls-to-the-wall long trade was a very hard one.  The gains however are real and well earned.  Book ’em.

This is not a rocket ship to the moon.  Even though it feels like it will keep going forever, trust me it won’t.  The range we were working through in August-September just got bigger.  It’s still a two-way trade in my view.  Even though it feels pretty stupid to be a pessimist right now, the risk is to the downside.

For original chart (where the targets noted looked like laughable fantasy) click here.

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