No! the bear case is hardly finished

Do not forget that the job of a wave 2 is to fool you into believing that the previous direction of the market is still viable.

But we still have a perfectly good 5-wave impulse off the 2872 high on the S&P 500, and, IMO, a decent wave 2 count as well.  Spike A from the low, a brief .236 retrace in B, and the long C of 2 in 5 waves whose aim is to fool us into expecting new highs.

S&P 15 min wave 2 count

The market has ignored the Anbang and HNA stories for the moment ... basically that the entire narrative of China saving the world with its growth is exposed as a complete fraud.  It turns out instead that China is just an extreme example of uncontrolled credit expansion and capital consumption, which is now on the verge of imploding into a deflationary black hole.

So the bear case eagerly awaits fresh news from the Far East on Sunday night.  If this was indeed a "wave 2" retrace, then it has now achieved its goal of flushing out the shorts, and the markets can collapse again with astonishing speed.  It is a long wave 2 precisely because it is important, we are determining right now whether the great Bear market is finally here.

SPX at Brexit lows into March FOMC

Martin Shkreli is a Clinton campaign donor

The story on Daraprim was a ploy to get the emailgate scandal out of the headlines, so Hillary could shift the subject to health care and free stuff for everyone.

Fec.gov is your friend.  This is so obvious, child's-play.

HTHHAND

FEC query