Hedge funds are chasing here, that is what they do. On the upside and downside. It's not their money! The dip lasted for all of 30 minutes before we went screaming higher. That tells me just one thing: there is a big pool of money looking to get in. Those hedge funds are probably in the 6th inning of their accumulation, so we're probably about 2/3rd done. Usually we start going back down in the 8th or 9th inning right when the tickle me elmo hedge funds get long and strong before the crap hits the fan.
With the beginning of December coming up, I am sure the hedge funds will be anxious to buy ahead of the fiscal cliff deal and the positive seasonality. By the middle of next week, I will be looking to aggressively short this market, if it's trading around 1420.
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