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Hard to Get Short, Impossible to Stay that Way

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The most bearish thing you could say about the stock market these days is that it has been damn near impossible to short. Perhaps it’s for the better where bears are concerned. The chart above shows how the QQQs, an ETF proxy for the Nasdaq 100, have turned what could have become a bearish head-and-shoulders pattern into a broad, bullish accumulation zone. This is not to say stocks can’t possibly tank, but if they do, few bears will have survived to enjoy the ride. AAPL, the most institutionally beloved stock in the history of the world, has traced out a similar pattern, one that could become a base for a shot at $152 (a Hidden Pivot target). That would represent a 31% move from the current $116. This of course means the broad averages are about to move significantly higher as well, although probably not as steeply as the steroid-fed AAPL.

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