SPY ripped around 53 bucks to the upside before the close… but I don’t feel great about it. I’d never hate on a good rally, but this ain’t that. That might change next week, but we’ll deal with that when we come to it.
My unease with this upswing has got nothing to do with MAC/D… nothing to do with Fibs… it’s not Bollinger bands, either. It’s the risk assets in play right now. They are, as I’ll explain in a second, not behaving correctly at all given the intense bounce we’re seeing play out today. Right now, I’m going to prove to you that the emperor’s got no clothes…
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