Oh, a storm is threat’ning
My very life today
If I don’t get some shelter
Oh yeah, I’m gonna fade away
War, children, it’s just a shot away
It’s just a shot away
— Rolling Stones, Gimme Shelter
An all-time high for the S&P 500 is brewing. It won’t take much. Odds are we’ll see it before the week’s out.
That’s all this business of speculation is. Odds.
We’ll hold our Seller’s Bias, despite what appears to be stacking up here.
Action wise we do nothing here. We don’t want to be too short. We don’t want to be too long.
But, we’re once again feeling a melt-up is in the cards given the unwillingness of the major indexes to sell.
It’s not hard to see everyone getting sucked into a tornado of bullishness that has even the staunchest of Bears running for cover.
Gimme shelter, we hear ’em cry.