The market was a rather curious beast today, as the Russell 2000 reached its highest level in human history during the session. I well remember at the opening bell, some of the more persistently bullish Slopers were scurrying around, high-fiving each other about how this would be a “gap and go” day and how great it was they could simply buy the dip.
The market didn’t gap and go. It came and went.
To my eyes, the market remains utterly vulnerable to a sub-2000 drop on the ES, which would provide a marvelous scenario in which the mindless dip-buyers get butt-hurt on a pro tempore basis.
