Yes well done for those that are short.Should be an interesting...

Yes well done for those that are short.

Should be an interesting next week with S&P pulling back to the 55 day moving average. If it it breaks below here then i would expect significant downside. The consensus has definitely moved to being short so saying that i wouldn't rule out the big boys throwing a head fake to flush out all of the shorts over the next few weeks (into options expiry), before the leg down kicks off. Again have a look at what happened in 07 during this period

Be wary of an investment bank (most probably goldmans) coming out with an earnings upgrade early next week.

Not inclined to take a position at the moment, but if we see the big boys head fake, it will be the perfect time to short just around the July options expiry on the 17th.