In the bigger picture time is running out for the bulls to get this market going. We were extremely oversold, coming into the week - especially a week ago Friday at 3 PM. Oversold can be solved one of 2 ways - time OR price. The S&P 500 has gone nowhere this week, despite what looked to be (to many, not to me) a textbook reversal last Friday in the closing hour of the day. This despite a European rescue plan of some sort. So price has failed to work off the oversold bounce, and instead it appears to being resolved via time. We're simply treading water in the white noise area on the indexes. I was truly hoping for a move closer to S&P 1090 (still holding out some hope) to re-engage short exposure at higher levels but now I am increasingly worried I won't get the chance. If not 1090, I'd be content with 1080-1085 at this point since the rally attempt has been so limp. Even with the chicanery of a market rallying in almost every premarket, we cannot put on a move during the day. If there is ever going to be a day today is the day, let's do it bulls - 1085 can be ours!
As always, we can be wrong but this action is not constructive, at least from this seat.
Long DragonWave in fund; no personal position