Suspicious

Everything on my radar looks like a textbook, perfect shorting opportunity - which, in a contrarian sort of way, makes me a little suspicious. In other words, things almost look too good. Plus, I swear, I need to V-chip (if I may use this as a verb) CNBC. It's fine to be optimistic but not when it interferes with reality. If I didn't know better, I'd swear we were in a normal, mundane bull market retracement instead of a bear market rally. Lunacy.

In either case, if enough people drink the kool-aid we could very easily see more upside even though it defies logic. That said, while it is necessary to have some convictions it is perhaps even more important to be flexible and not fight the market. I am looking for SPY 75.50 for an initial target and will re-evaluate there.

I would have preferred a breach of this level (QQQQ):


But here is the big picture (QQQQ):


Big picture (SPY):