"Coming out of the closet!" - well that would be the BEARS today. Not the Chicago Bears, or the Bad News Bears, but the market BEARS. The ones who have been trying to time the next market correction since December and SPY $115. Now imagine what your portfolio looks like when you have been short as the market has ramped up 15%. It sure must look UGLY. But today is your day to cheer and gloat... to say "I told you so!".
Go out and get a drink. Party likes it's 2008. You deserve it. A hard earned victory. Your battle against the limitless coffers of the world's government's was yours today. The QE1 and QE2 are ships sailing on the atlantic now. Operation Twist? Isn't that a game you play with a few friend when you are drunk?
You knew it was only a matter of time before the weight of Greece and the eurozone debt problems took hold. China reducing it's GDP outlook to 7.5%? That was the icing on the cake. The Black Swan event is only around the corner. You've been betting on the short side since you saw this guy say the market will crash.
It's about time your insight, foresight, and intuition proved you right. It's evil work being a bear. Now you just need a 20% move to the downside to get back to even...
Only problem is, this government will not let that happen. Not when the president is waging his battle for re-election. Not when the battle of the economy is fully in his control. Should this market be up 30% from it's October lows? No way... but trading on the macro environment alone will only turn your portfolio red. Go ask any BEAR.
It will be time to head back into hibernation soon. Today was only tease. Another reason for the bears to throw money into a false hope of a correction.
I guess we shall see what the next few weeks bring, but I am guessing we start working towards $140 on the SPY.