Thanks to the Fed, the only legitimate remaining opportunities for shorting appear to be May 15, 21, 23 and 26. But, the 15th is the day the Philly Fed survey, Empire State survey, CPI and initial claims come out. And, even bad news (which is rarely permitted) hasn’t had much of an impact on markets lately. FOMC minutes come out on the 21st — nuff said. And, new home sales come out on the 23rd (after last month’s dismal showing, look for the numbers to be “fixed.”)
That leaves the 26th as the one potentially negative day in the month — unless the MM’s decide to cut the legs out from under those playing the just-completed IH&S pattern. Who would be surprised?
No, the only thing that surprises me anymore is that the bobbleheads on CNBS can even utter the word “market” anymore without breaking out laughing.