At this point, the chorus has become universal. “We’re oversold! The McClellan Oscillator has never been this low! We’ve been down seven days in a row!” And so on. One of the many headaches of a bear market is the endless yammering from the bulls about how This Is It and that We Have Bottomed. It’s really quite annoying. In recent days, these little lunges have taken place ceaselessly, although recently with far less verve.
Reading the permabulls screeching about “the bottom” is as tiresome as hearing the /wsb boys talk about “Ape Strong” and “Diamond Hands” as their accounts get destroyed by meme stocks. The fact is we’ve been in a bear market since November of last year, and chop by chop, we’re breaking down. Witness the NQ below and the beautiful symmetry. Also take note of the recent failed trendline.
This is not to say we’ll never rise. Indeed, the mewing and screeching of the bulls has me a little worried, and I’ll probably trim some items about which I’m less zealous, such as Amazon (NASDAQ:AMZN), which doesn’t seem to have much oomph left to it.
I will, however, hold strong on my energy bearishness. Crude oil seems ready to get recked, and I’m massively positioned for such an event.
