Should be interesting to learn what Hochberg and the "perma-bears" at EWI say in their Friday update today.
I heard through the grapevine that they pissed-off quite a few subscribers in Wednesday's update with their "about face", acknowledging that the breadth in the market was much stronger that it should be given this area in P2.
Apparently, Prechter advised traders to re-enter shorts back on August 5th ( with his special two-week earlier than usual newsletter ) at SPX 1000.
He then advised that Traders add another 50% short ( to go full 100% short with their risk capital ) on August 28th with the SPX having closed at 1028.93
Prechter admits that he is usually "early", but there is no discounting the fact that he has Traders positioned 100% short and they are underwater, with not much resistance between here and 1120 on the SPX.
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