Re: Stocks continue to rise, SPX up 8% since recent 869 low
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I don’t know if you saw my post in the enrolled-only In Session thread, but I basically posted the same thing. I think this rally will continue until no one dares to short it. I think traders were very quick to jump on the shorting bandwagon this last month, and thus we saw a short squeeze these last few days.
Overall, the fundamentals of this rally are trash in my opinion, but its not going to roll over if traders are bearish. The "smart money" is not buying this rally, but the "dumb money" is not fully on board yet either. A couple more days like this, and we should see a buying panic of historic proportions.
I can hear CNBC now "Inflation is coming! Inflation is coming! Inflation is coming! Buy or Perish!"
When everybody abandons their short positions, I’ll be watching.
Oh, and 666 on the S&P will be toast before this year is finished, in my opinion.