Bulls Never Say Die, 8 Feb 2023

🖼 Daily Technical Picture 📈

➤ Equities went full Bull mode today despite some intra-day volatility. It looks like it wants to surpass the recent high.

➤ There's really only one thing that could stop it and that is the super overextended nature of this Bullish move since the Oct 2022 bottom. Perhaps it is not really "stoppable". It may just be some lateral price movement to work off the exuberant enthusiasm prior to jumping higher.

➤ I am still holding my small short position until I get the exit signal to get out. For example, a daily close above the recent peak will definitely do that.

➤ Conclusion: Optimism may fade but it usually comes back. It rarely dies.