With a lot of my twitter stream turning cautious, it’s almost a self fulfilling prophecy. However I do believe caution is very much warranted at this time and even if we don’t have a major pullback, some sort of scare premium needs to be worked into the market to allow it to continue moving higher. Even one really big intraday scare would be very bullish, if that makes any sense. It’s completely backwards to think that we have to go down so we can go higher…but that’s the way it often is.
I’ve included a few of the charts from inside the video at the end of the post for those interested.