Bulls are in the habit of being lazy after a run up. I understand the market just can't keep running up. I'm referring to the fact that even after weeks of sideways consolidation (which is a enough time to for them to get their rest for the next leg up), they just don't like to take that next step of starting the move up until they get a Bear sting. At that point they become very aggressive in taking the market up. That is when they perform best. It is as if they are daring Bears to make the first move. They finally got stung today. Is today the wake-up call Bulls were waiting for since they decided to do nothing but rest the past 3weeks (after the last run up)?
The market has been in an endless boring Bull Flag as a result of a tight sideways consolidation that just doesn't want to end. Now that Bears did their best today to try to destroy that Bull Flag setup, let's see what the Bulls can do as a result of this bearish agitation which is their best performing environment since the market bottomed in March 2009. Starting tomorrow, we will know if this was enough agitation (drop) or if they need more before they can wake up.
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