First of all, if I haven’t stated it before, I would like to reaffirm my pledge never to use a subject post incorporating the completely hackneyed phrase, “the good, the bad, and the ugly.” It wasn’t funny the first time I read it, and it certainly wasn’t any funnier the 3,893th time I saw it used. So……….not to worry.
I did, however, want to share some charts that, on the one hand, suggest the bears (who have suffered horribly over the past five weeks) may be in for more pain, and other charts which suggest that the bulls are about to get what they deserve. Let’s start with the “bad” ones first:
The 13% rally we’ve seen since February 11th has been – – how shall I put this? – – horrible. Here’s the ES, which has teased bears here and there with dips, which are shallower and shallower:
