The broad averages wrenched and spasmed their way higher yesterday, telling us that just about every trader on earth was trying to get short on each and every uptick. The move was more or less untradable, even though my E-Mini S&P tout got the trend right and nailed the intraday high to-the-exact-tick. My advice to bears is to sit back and relax while the uncool among them beat their brains in trying to pick a top. This is a bear market, remember, and its job is to make everyone think it’s actually going to new record highs. I seriously doubt this will occur, and we’ll try to short it somehow, but current price action does not smell like opportunity to me.
