Risk is catching a bit of a bid this afternoon. The March e-mini is flirting with the 2030 level. Perhaps the Bears are passed out, drunk at the picnic table.
Regardless, the smaller time frames are showing some strength. With just a bit more buying pressure … we just may have a December stock rally on our hands.
Naturally, many comments made here are strategy and periodicity dependent. I still believe equity valuations are a bit fatigued. That does not go away in an afternoon. But with four hour closes above that 2030 level … for the short-term, I’m going to figure that the bears have passed out from too much drinking.
But we first have to ‘breach’ 2030 for me to begin to believe that this rally has some legs …