Wednesday, February 16, 2011

Bulls in control, morning update

After a small dip yesterday bulls are, once again, in control. They are buying every single dip. I was actually surprised they let SPX going 4 points down yesterday. SPX is now 28 points above SMA 120. The only thing bears can hope is that SPX could touch EMA25 or EMA 50 but it looks like bulls are determined to push the market further up. VIX is at April's low but nobody seems to care at this point. If you want to short the market better look at Brazilian and Chinese markets that seem to be weaker than US or European markets.

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