Market rally is impressive, but are we really dead set on a market bottom?  

Goldman Sachs (GS) is out there telling you that the bottom is in, so is Morgan Stanley (MS). 

But should they be trusted? Could there be ulterior motives at play there? I’m just not buying this hype that suddenly all is well and no longer need to worry about the market’s downside while the economy is still in a full-fledged shut down with no end in sight. 

Also amazing is the level of excitement about buying stocks in the beginning of an economic downturn – especially among retail investors. Could the Big money be liquidating their shares to the retail investors, hyping them up to buy, so they can diminish their own risk going forward? 

It certainly wouldn’t be the first time. 

So far today the market is selling off, but it isn’t doing it in a manner that is overwhelmingly strong. Volume on SPY is one of the weakest showings I’ve seen over the last month and a half, and that tells me, no one is really taking this sell-off serious today. There is no panic in the selling whatsoever – just a slow and steady trickle lower. That’ll change if the bears can string together a few solid days of selling, then I think the volume will reemerge as traders will be more antsy to lock in their recent gains. Until then, you’ll see more attempts to buy the dip and low volume output.  

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Here’s my watch-list of long setups I am following: