The More I Look At This Market...

...the more I am glad I am out of it. I sold my equities longs right around here and I see the market has basically stalled, and is currently in waiting mode -- for what or for whom, I don't know. What I do know is that the market is entering a seasonally weak period (April-September, 2nd and 3rd quarter) with mid-term elections in the U.S., tremendous geo-political risks and uncertainty as to the Fed's stance on interest rates. I am starting to look for a good place to short, just as everyone is getting bulled up on the prospect of a continued strong U.S. (and global) economy. Yeah, goldilocks lives on in the minds of some wishful thinkers.

From what I can see on the charts, the SPX should be shorted aggressively between 1,325 and 1,340 with a target of... oh 10% lower, around 1,190-95 or so. That would wipe off a lot of lazy bulls' P&L from the previous quarter, but it wouldn't be anything more than a healthy hiccup in my mind. I am still waiting patiently for the last hurray from hot, performance-chasing money.