Since the big pop at the start of the year, not much has happened to equity indexes. Averages want to fall, but are not being permitted to. The Facebook mystery event is past, the big financials have reported, retail sales for December are in, the World Bank reduces global growth forecasts, Germany has contracted for 3 years in a row, Japan does its gazillionth QE, the Apple dead-cat bounce has happened, and the January VIX contract expired today. Can this really be a bull market?
The story of morning weakness being aggressively bought and then dead-bullish-quiet towards the end of the day has gone on for a while now and change it definitely will. Before or after expiration Friday ? We will know soon enough.
Addendum: It changed today: From morning strength to afternoon strength. Too powerful a move to mess with on the short side for now. And without Apple no less. Maybe the VIX will get to the single digits before this turns, which also it will.