The ATS's hit the 200-day on the NASDAQ. This triggered auto-buy programs. It triggered our buy program. We did not buy. The ATF's do not know valuation. There are a lot of Bears, Bulls, and Pigs that got slaughtered today. The earnings releases will be poor to average (of course they will beat the lowered bars), the spins will all be bullish, and almost every portfolio manager will find any reason to be publicly bullish. They have to be. You would too if you had to stay invested. Your bonus depends on it. I have never seen so much confusion and complacency in the financial media. We heard some of the most ridiculous financial advice media outlets gave to their viewers. There was a very noticeable fear when it passed through the 200-day on the NASDAQ though ( for a brief moment ).
Going to be tough; however, let's see if they can pull off the façade. They just might. We wouldn't touch the NASDAQ or RUSSELL 2000 with a 10 1/2 foot pool. There is substantial profit yet to be taken in these indexes.
P.S. We expect a visit from Yellen tomorrow. It would be perfect timing to make some kind of public announcement. Watch;)
