Well, gang, Sunday futures are open, and equities are generally up about six-tenths of a percent as of this writing. We’ve got a gap up, and I’ve gone ahead and dispensed with the horizontal “jump rope” since I’m quite weary of writing about the sinewave that’s been going on for the past two weeks. The real question now is simple: this time, will the bulls finally get their act together enough to launch up to meaningful resistance, instead of dicking around in the 5725 zone and going nowhere.
Part of me wants to wake up to red quotes again, and part of me wants the bulls to just go ahead and get it over with, because my view is that a tagging of hard resistance would be just what the doctor ordered to get Wave Three really cooking.
We have, after all, burned off some of the VIX, but above 19, we’re still not there yet. Getting the VIX beaten down to 15 or so would make shorts vastly more tempting.
In the meantime, I’m going to stay in teeth-gritted mode and know that, with each passing day, the odds of a serious inflection point just get better.
