Stocks have indeed opened with a sizable bullish gap (no surprise here) and the bears have been selling into it. Most importantly, the continued inability of HYG and HYD to lead higher meaningfully as the IEI and TLT are holding ground, continues to lend support to the conclusion of S&P 500 underperformance and lower prices ahead. The short position remains justified.
Thank you and have a nice weekend.
Monica Kingsley
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
