As excited as I was to see the market falling to pieces again on Sunday night, I was somewhat disappointed (although not too surprised) to see strength returning on Monday morning.
It only took a moment to see what was going on, however.
What terrifies me is that there hasn’t been a single time – – not one – – when the man went bearish and stocks continued lower. This also aligns nicely with the fact that stocks don’t fall in this market any more than One Single Day. So it’s a real pisser, as I’d like to enjoy a sustained downfall once in a blue moon.
In all seriousness, the ES is getting near its supporting trendline, and I fear a bounce to, oh, about 2135 or so may be in the cards. I say again, this stinks, because I love staying short, but between Gartman and the trendline, I may need to lighten up.
One positive thing I will say, however, is that my highest concentration of shorts remains in energy (which, mercifully, Gartman is mute about for now), so this may have a little more juice to squeeze out.
