We have been rallying in equities this morning.
I’m just not feeling it.
I could be wrong. I may join the party a bit later if this 6 hour rally transforms into something more substantial.
There just doesn’t seem to be the proper level of hysteria, to justify being a buyer in these markets. At least not yet. This market feels like ‘subdued hysteria’. There is not enough blathering about “taking out the 2008 lows” as starry-eyed greenhorn traders proclaim “This is it!“, along with other idiotic nonsense. Then … and only then, I’d be interested in joining the bulls.
So for now, I’m still bearish on equities, still bearish on Disney (DIS) and still bearish on Apple (AAPL).