Stock Market Bulls on Defense Now
For the first time since the March 6th low, the bulls on the stock market are on defense. All the way up to the recent 935 high on the S&P, the bears have been on defense, defending a position that they thought would make much lower lows. This was the primary feeding force for the move from 666 to 935. Now the market is centered on new bulls who bought the setback from 935 to 875. These new bulls probably have a buy average of 893. This number will be a big number to defend for them now.
As we mentioned in our late comments yesterday, we have around a 30 percent short position in all our portfolios with the exception of the Conservative Portfolio.
The EMA ETF Fund NAV was 1149 at yesterdays close.
8:04 AM CDT