the quick selloff to under 45 couple days ago suggests there are some itchy fingers among meli holders
BUT: although VIX is nearing 2-plus year low (at the trough of its recent oscillations, suggesting we're due for some downside and increased volatility)...in the bull mkt before crash VIX reached 11.
and although SPX is stretched about 70 points above its 100 day simple ma, it got stretched over 100 points above it several times in climb from march 09 lows and, when pullbacks did occur, only pulled back to 50-70 points above 100 day
so- and this is not an argument I'm strongly in favor of, but one takes what the market gives- the bull mkt starting march 09 looks back on track in which case shorts will get stopped out
I've got limit GTC buy orders at lower prices just in case a buy ooportunity does come along though