3 REASONS TO BE SHORT-TERM BULLISH
An hour ago I posted the following tweet:
52 minutes ago:
I smell short term upside in a market that's hangin out while oil rallies, new wars are fought and bearish commentary persists.st bullish $$
I wanted to amplify my reasoning a bit:
- The market has been wonderfully persistent and steady in the face of some very serious headwinds and uncertainty coming in the form of oil moving towards levels that gave every excuse for the market to sell-off....but it hasn't.
- There is also the issue of a new war being fought in the Middle East, which will act as a floor beneath oil prices for sometime to come. Not a reason for an imminent sell-off. However, if the bids below the market weren't substantial, the bears could have easily taken us lower given these events.
- Then there is the issue of the persistent bearish commentary that I am seeing across multiple platforms. I am assuming that this bearish commentary is being followed by bearish action, such as lightening long positions or selling short into the market. The types of moves that Mr. Market loves to take advantage of so that it isn't made to look like a predictable two dollar whore.
These facts leave me bullish over the next few days. Whatever chop we get should have an upward bias attached to it.
