I think an important intermediate top will be put in this week. The market strongly rejected the 1070-1080 level from 2 weeks ago, and now we have more bulls and fewer bears than we did back then when we were at these same levels.
Shorts are definitely getting scared, CNBC’s Guy Adami who has been bearish since August finally threw in the towel and said you can’t fight it. Today on the CNBC Fast Money Halftime show, all 4 guests called for buying into the close. Bulls are complacent. Bears are scared to short. The top is coming soon.
Monday, October 12, 2009
Bulls are complacent , Bears are scared
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