Markets has been moving slightly down , but no impulsive moves to the downside - just some boring action and probably consolidation before higher. As I have mentioned before - the short term trend is still up and we wont go down before we break below 1320 area. Until then we could see 1330-1350 , so do not bet the farm on short side before you see confirmation of a new move down beginning. Overall I still expect a reversal this week and a nasty sell off to start shortly, but I want confirmation of this move before.
The market sentiment is so high and so bullish right now that its long time ago since we got so bullish. But fundamentals are still screwed , so bare very careful.
Market sentiment is completely opposite as what it was in March 2009. Everyone feared and didnt wanna buy stocks - THAT was the time to load up when everyone feared - now everyone is getting bullish and the recovery is here, thats the time you wanna take your profits and run....
But overall we are near some support zones but did not get any kinds of break down - IF we see that today , might be first sign of you should go short fast. The level you should be watching is 1320 - BELOW this level and I will go short heavy... until then just waiting. SPX is right now 1328 so we need more weakness in marktes to get a confirmation, but could easy get it. But until then the trend remains up and no reason to bet against it before this confirmation
Have a nice day
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