OF MICE AND BEARS…AND EVEN BULLS
You can just feel it in the air. We're at one of those points in the market here where a bunch of bears are close to throwing in the towel, in the form of short covering. And a herd of bulls are one breath away from abandoning any hope for buying at lower prices and just smashing the offers.
If the bulls can turn this market today, it may happen over the next day or two. It would be a move that create more volatility during the coming pullback/consolidation phase. When you yank out the bidders of last resort, you get a bunch of hollow bids below the market and very solid offers overheard once things turn south. That's the danger here.
Our portfolio has opened the day flat. Nothing doing over here, but some sitting of the tight variety.
