Seems Like Old Times

You remind me I live in a shell
Safe from the past
And doing okay
But not very well
--Barry Manilow

Remember the tech bubble days, when earnings reports from folks like Intel (INTC) would propel stocks higher after hours? A 'gap and go' would follow the next day, as broad market indexes would open green and then grind higher throughout the session.

We experienced some of that vuja de the last couple of days courtesy once again of Mother Chip, who was was spin her earnings call magic like the good 'ole days. The real story may be more sobering, but right now it feels like the INTC news has the bulls wanting to party.

To me, the technical set up looks pretty bullish. The last half year of price data looks reverse head and shoulder-ish. Should the S&P 500 break above SPX 950ish, then there's pretty clear sailing to 1000 and 1100 from a chart perspective.

The set up has me looking for an opportunity to get long some Spyders (SPY) somewhere in here.

For a trade only, please understand--and with funds I can afford to lose (this isn't a bet the farm trade). My big picture concerns place me squarely in Boo's camp as my sense is that this will all end in tears.

In the near term, tho, feels like bulls are gonna try to jam 'em higher.

no positions