Who’s more scared right now, the bulls or the bears?
A bit of reversal in the markets today took the Nasdaq from positive to negative and there’s a lot of red out there. That said, I sure don’t sense any panic from the bulls. More like most bulls are feeling less than long enough and that’s got them willing to buy the dips for now.
Remember when the markets were 10% lower than today’s levels, just about a month ago, and I used to ask you guys all the time, “Who’s more scared right now, the bulls or the bears?”
The answer sure ain’t obvious like it was at the time back then when the bulls were panicking and the bears were trying to get shorter.
If that set up was a great indicator for a big rally, then perhaps the answers to this question right now will give us some indication of the near-term path of least resistance.
Anyway, I only did that Marvell trim for now and it’s still a pretty good-sized long for me since I’ve got those calls around these levels with lots of upside leverage and little downside risk from here. I do plan on doing some more selling and trimming but we don’t have to panic or rush about it. More details tomorrow.
Thanks for reading and I’ll see ya manana.