I enjoyed seeing the unpredictable occur in the market today – for far too long the market has been making a nonsensical climb to new highs, and when there is a sell-off by mid-afternoon, any bearish sentiment has been watered-down by the buyers on the dip. So for once, it was nice to see the tables turned on the bulls, and to see what started out to be a positive day, quickly erode in the late-afternoon. I’m looking for more selling heading into tomorrow; there will of course be earnings, and I will cover that in tomorrow morning’s watch-list, but anything less than downside follow-through for the bears will be deemed a failure.
So to all you bears out there, in the words of Macaulay Culkin, from Home alone, “This Is It! Don’t Get Scared Now!”
Here’s the S&P and NASDAQ charts…
