Beware of Overnight Short Positions

Can we get another doji just for good measure? Another day when we gap higher, then close pretty much where we opened the day? I tossed around the notion of $162.50 or $168 on the SPDR S&P 500 (SPY), and it looks like the latter is very much in play here. Although I thought metals, bonds and equities moving together was a bearish sign, it turned out to be just the opposite.

I also tossed out a theory a few days ago about the bullishness in U.S. equities while the tapering talk was going on. A quick summary was that all the money coming out of precious metals, bonds, the euro and the yen was going into equities and the U.S. dollar. Judging from today's action, I was mostly right. Money coming out of the U.S. dollar appears to be heading back into the euro, yen, precious metals and even bonds. However, money is also still heading into U.S. equities. It's heads I win, tails you lose for U.S. equities at the moment. It's impressive. It really is....398 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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