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Thursday, April 26, 2012

Bears Are Hopefully Hopeless

Or should I say "bears are hopelessly hopeful"?  Doesn't matter, both are oxymoron.

By and large the market just wants to go with the bullish trend.  20 MA is above the 50, and 50 above the 200.  All MA's are pointing up.  Daily RSI is 56.65 and pointing up.  STO is no where close to overbought.  MACD is crossing up and just turned positive.

On the other hand, the bullish setups for VXX, SPXU, TVIX, TZA, UVXY... have been foiled by the market one by one. See recent post, Don't Overstay the Flagging Welcome.  It is no doubt the market punishes the bulls and the bears in turn, but it is clear which side the market favors.

The pain is excruciating but I guess I just crave being a glutton for punishment and keep looking at the market through tinted lens.  I see that volume have been declining on recent rallies.  I note that $BPCOMP still flashes sells signal.  I note that buydonthold.com still flashes sell signal.  I see leaders broken one by one.  And today I didn't see volume whatsoever on the .70% rally.  And I grow suspicious with today's across-the-board rally as I see the across-the-board negative money flows (aside from basic materials and technology).  I simply cannot bring myself to going long.  See recent post, One Pitfall In Technical Analysis.  Hopeless me.

As I mentioned earlier today, I should stop posting for a while and regroup, as I seem to suffer from this perma-bear disease and my setups had been on a losing streak.  Good luck all in the mean time, especially the bears!

BTW, special thanks to the readers from the following areas (ISP locations) for your faithful readership. Sorry I am bound to miss a few.

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