January 29, 2017 | It’s Not Bulls Who Are Driving Stocks Higher…

DaBoyz were in commando mode Sunday night, trying to determine through stealth, trial-and-error and well-honed instinct the level at which they might hope to dry up sellers for a short-squeeze attempt. Let it be said, however, that the ratcheting rally we saw last week enjoyed no bullish mandate, only sporadic buying power supplied mostly by short-covering bears. Moreover, as steep as the rally may have seemed, it took place over relatively short stretches of time: six hours of climbing amid 60 hours of tedium. We should therefore expect little upward progress as the week begins more or less moodlessly, as it usually does; then, possibly, a renewed surge on Tuesday or Wednesday, when, in the all-but-inevitable absence of a meaningful selloff, bears will have had yet another opportunity to ponder the futility of resisting the tide.
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Rick Ackerman January 29th, 2017
Posted In: Rick's Picks
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