|[equity] bears on the march|
So far, so good. The bullish blow-off top scenarios are less and less plausible. As seasoned (scarred and scared) bears, we must acknowledge that they are still possible. Imagine an overnight announcement of Eurobonds or Euro QE, what that would do.
The tape so far is very promising.
Note that the 1790 bottom on Monday would smack a long-term trendline going back to the 1560 lows. We need to bounce off this line before breaking it later in the wave series.