1:20 PM Update added:
I will just keep talking about artificial markets and the stories that keep being told by the Fed followers. Little of it corresponds to the real situation, although the recession/crash story will be coming within a couple of years. For the moment, while the Fed Balance sheet, and the various money supply series point to a topping and decline in momentum, the fact remains that there is way too much liquidity for a crash at this point.
As I outlined in my April 26th post, the ideal setup for a contrarian plan would be to fade the first attempt out of the 4114 to 4662 extremes of the current SPX trading Range. It looks like now the first attempt will be to the downside and I still favor the 4080 trade in order to complete my buys.
1:20 PM CDT Update:
We got our 4080 SPX target buy price hit, and consequently upped our leverage with SPXL ETF @ 85.43. Market is getting rid and any overpriced S&P 500 stocks. Test that I am watching is that even though SPX is taking out the post 1/25 low, the FANG composite has already done its cleanout prior to today.