JRI, patron, Shack, all - Am I the only one who thinks the volume behind this push has actually been pretty low?
Calls flying off the shelves, commercials as short as they've been in the past six months, money supply stalling six months now, sentiment quite bullish. I still view the move off the Oct 10th low as corrective up, and I was waiting for it to stall. It did in December. Then, I said I'd wait for a significant retrace, and look for signs that the rally was false.
Help me out guys - does this rally smell bad enough to you? Low put/calls, low volume, commercials shorting, VXN and VIX at seven-month lows. Am I missing something? Seems pretty clear to me, just waiting for the momentum to stall, looking for logical levels for that to happen, and awaiting the BKX test of 800.
BC |
