$SPY Riff-raffs still short. Sharp money still long. After the major event seen in March, it's natural for humans to gravitate towards an extreme. Camp A: We sell off and retest lows/make new lows. Camp B: We V-shape back to highs Avoid leaning too far on any side - that is where the costliest lessons are learned. The market generally likes to do what will harm the most people. And the least expected scenario is a range bound environment for several months. That would frustrate the most amount of people especially those making huge directional bets on the indices with short-dated options.
$SPY We are up because you failed to capitalize on the March sell off and are positioning yourself for a retest of the lows like every other late-to-the-party emotional retail who is now under-invested and overly hedged because you've been sucked into the gloomy narrative and your ego would rather have you watch your puts dwindle to zero before you ever join the winning team. That's why we're up.
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