Bears Fall Up

With reversal of the market on Tuesday, bears have been trying to find anyplace to hide as shorts are all chasing the same offer. Friday's unemployment number will provide some hope for the red side but the numbers will have to be extremely disappointing. Price configs are still bad but intervention policies are constructing world where pessimism about value is met with sand bags filled with liquidity. But as we have seen over the last months, do not get too comfortable with your position.