The MOST IMPORTANT Point This Market Has Faced in a While!!!
Updated
The market is either throwing us a bone meaning this is the best opportunity yet to get in on the remainder of this rally. OR, we fall through $281-282 and the unraveling of this market begins (which is the rational thing for it to do)...I will decide at the close today if I go long or short.
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Yes there's a dislocation of price versus value, yes we've rallied at a slope and rate that we've never seen before. And obviously it's not rocket science to have a bear story here. That's why I am offering a contrarian perspective. We retraced back to Fib 61.8 levels (SPY $294). And I think bedrock buyers realized that this is a very safe place to exit. Only 13% from the high and if you consider the tailwind we just saw, it's obvious why many capital managers exited. Therefore, I think the market is throwing us a bone here because the "trend is our friend" and until we fall through $281 SPY we are still in an uptick. Target of SPY $310 if we hold.
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