After analyzing conditions yesterday morning (Wednesday) the market acted pretty much how I expected. The 1-3% pop that I warned about looks to be playing out here. I'm not sure if the market makes a new rally high soon but it's not going to suprise me. I do however, believe like I said before, that any gains from here will likely be given back quickly after.
There's a group of retail burned bears that I track to use as an indicator and they still continue to be as stubborn as ever. They were fuming like crazy today and not only did they not capitulate...some added MORE to their underwater short position. My god, how many shovels across face will it take for these jokers to give up? Of course....according to them it's not their bad judgement that's losing them money...it's Goldman Sachs, the PPT and Obama. Such pathetic losers. I know these group of guys I'm tracking aren't representative of the whole market but I gotta tell you, there's a lot of people who feel this way. Go to any popular investment site like seekingalpha.com, marketwatch.com or yahoo message boards and you will see that at least 75% of the people who post messages are permabears and conspiracy believers. In 1999 it was the complete opposite.
So what now for the next few days? I'm really not sure. I'll be playing it by ear.
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