It's starting to feel like Neverland.
Back in early July, there was this opinion:
The SPY Is NOT Extended and May NEVER Pull Back
A month later the S&P 500 was nearly 100 points lower.
Today, there was this one:
Why this stock market will never go down
One more would make a Hat Trick and suggest that the relentless rally is becoming a bit over-believed. I must add that I like seeing a cluster of these around the upcoming Alibaba IPO. Amid all the mixed mood messages, it feels as if the deck chairs are finally sliding to one side of the boat.
To be clear, I am still gaming for higher prices. As was posted yesterday, there are tight areas of Fibonacci confluence up to 2081. Call me a greedy bear, but in weak markets, the higher it goes, the harder it falls. Cheap calls are a bull's best friend...until vol kicks in and all hell breaks loose and OEX puts go ballistic.
Until then, fine. Mohammed Ali used to do the rope-a-dope. So can we.
So can the market. This is a shot from the new Chanel campaign that I noticed while doing the September Vogue post. Kind of like a market on the ropes.
Market wise, it feels like either the S&P gets with it and continues building on yesterday afternoon's rally, or it rolls over into the 1987 area. I was a buyer yesterday; I'd be a buyer there.