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we didn't quite get to the 1220 area (yet), thanks to goldman sachs. but I would be very careful about shorting the market here. the up move is still intact and it looks like we are finding support again (like it did so many times in the past). a drop below 1180 could change my opinion. it reminds me a little of the dubai "crash". everybody thought that's it, we are going down, but in fact it was a golden opportunity to get long again.
so the question is, what will the professionals do?
I don't know, but I have the feeling many traders are bearish for a long time and now they finally can smell something, just like jeff clark who showed us the scariest chart of the week. (thank you for the link).
I especially like this phrase:
"I warned you about this pattern ( here and here) as it was developing. When the market finally broke down, it wiped out four months of gains in just a few days. "
unfortunately he forgot to mention that it didn't take long at all to get right back up there again.
