I’ll be the first to admit being disappointed that last night’s Bank of Japan “nothing done” announcement led to a lift in ES after being down oh-so-briefly. All the same, looking at the big picture, it seems to me the broad trend still favors patient bears. What would really help the cause would be for oil to start losing some of its gusto (and I’m really hoping Gartman’s mega-bullishness on commodities starts to work its magic soon):
