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How true.

There was an awful lot of bearish cheerleading going on after yesterday's anemic down close. Had many calling a top. Today the many were proved wrong.

You nailed it, good call

Mullets who will be fleeced by further pre-Fed short covering

We did have a nice bear trap this morning with the bad sentiment numbers, the gulf "warning shot", and MSFT earnings

Possible but seems doubtful given the upside leadership of smalls and mids today.

So sell some futures contracts if it bothers you, that's the emotional thing to do.

I tend to agree with you on this Austin. I suspected we would see a slow shift in volume out of ER into EMD and so far this is not happening. Guess we are all waiting for EMD to show at least an adequate daily trading volume before switching.

I wouldn't sell the dips either . . .

If it doesn't go up it may go down, Elliott wave at its finest :D

Sure, everyone can see the 3 wave move up from the March lows. But do you really think a 3 week rally is long enough in time and price to undo 5 months of bearish sentiment? Extremely unlikely.

Short that Naz into the hole did ya?

If you came into this month with a bearish bias you have had precisely zero profitable ticks to look at month to date. Shut up already with your bear cheerleading, or at least save it for a selloff worth talking about, which (thus far anyway) today clearly is not.

Another 1/2% selloff, wow, behold the power of the bears

We are in a situation where both bulls and bears want a selloff of some sort. Bulls think the market has bottomed and want to get long a dip. Bears have had their pants taken down this month and need a selloff to be let out of jail. As is typical, the market is not accommodating the masses...

Agree with your statement also. Cannot unwind 5 months of bearish sentiment in 3 weeks.

I see an awful lot of bearish talk but not much selling during the last week or so.

Notice how in a bear market gaps in both directions are buys. Either way they trap the bears.

Except of course when your 1315 short futures run to 1320 making you stop out then does the same thing 3 more times before expiration. There is no free lunch.

Keep telling yourself that. But the fact remains that the masses got more bearish on the March retest of the lows than they were when the Jan lows themselves were set. The chances of seeing those lows again anytime soon are extremely slim. Lotta denial in this vertical rally since the March...