After siding with the bulls the better part of the last 5 years, the recent weakness in August, the worsening economic data, and the terrible price action had me switch my bias back to being bearish. Trading through some of the bigger market corrections, namely 2008 and 2009, you know the counter rallies can be impressive, and sometimes down right mind boggling. This has been one of those rallies.
An absolutely great read this morning come from Frank Zorilla. FOMO. The fear of mission out. No doubt the recent price action, the constant dip buying, the spikes to the upside, are telling you what the longer term charts weren't telling you a few weeks ago.
Now the question will be.... is this rally going to continue? Or is it one of the relief variety?