A few folks have pointed out the bearish wedge being formed in the market (and, as I type this late on Wednesday evening, the /ES continues to grind higher).
I have no interest in getting uber-bearish until this wedge is broken. It's been frustrating enough having the market punch its way to new highs every week, and thank goodness for all my small high-percentage plays, since those have really helped balanced out the battering my puts and shorts have taken.
Someone wrote to me perturbed that I didn't have a firm stance right now on the market. I think it would be dangerous for a person to have to be strongly bullish or bearish at any one time. I think the market is quite a muddle right now, but it's quite obvious that the stocks that went from $40 to $1 have had sensational percentage gains over the past six weeks, and far more substantial gains may be in store. So I continue to be straddling both ships, the HMS Bear and the HMS Bull, hoping not to topple into the water before this is all over.
Autumn was fun. This isn't fun. But we need to endure it and try to profit from it while we wait for the tumble to resume. As I've said repeatedly, that could be a few more months off.
