All rallies are shorted. Rallies are a result of Fed, ECB, QE, POMO, Repo, Twist, Dollar debasement, Goldman. Any temporary down-drafts in the markets are heralded as the return of free markets and vindication of old school TA, only to followed by cries of manipulation when the reversal occurs.
That's not totally fair because that's only half of the story. The other half is that the bulls have also been doing the same thing by blaming the Fed or the ECB for not doing enough when there are major selloffs or crashes. And, we can also throw in excuses like the "Fat Finger" and computer glitches, among other things.
All selloffs are buying opportunities because there's a lot of money on the sideline, stocks are cheap, it's a market of stocks, I'm a long term investor, etc..
And, how many stock market bulls have been calling the demise of T-bills?
Bottom line - There's never just one side of the story. The bulls and the bears are doing pretty much the same things. We only see the half of it due to our bullish or bearish biases.
Incidentally, aside from our polls here, the broad-based survey such as the Consensus Bullish Index and the Market Vane Bullish Consensus have been climbing and have now reached the same bullish level as April/May.
