I wonder who many bulls on this board fell for the trap today? It is a shame that a bunch of the trapped bulls got out of the trap right before close today (they must have smelled a rat, good for them). The confirmation of whether or not today was bull trap will depend on whether the market sells off tonight. If it does, the Johnny come lately bulls will know that they got set up and will run for cover. Can anyone say Timmmmmberrrrrrrrrr?
If you don't actually say what you think will happen, it allows for plently of revisions. "Classic Bull Trap"? In this case there was NO INDICATION of any "Bull Trap". Here's the definition:
"A false signal indicating that a declining trend in a stock or index has reversed and is heading upwards when, in fact, the security will continue to decline."
We weren't in a declining trend by any measure on 5/15. We were in a solid up trend that continued until the 5/22 close confirmed an outside trend reversal. If there was a "Bull Trap" it couldn't be set until 5/23. It's one of those terms that can and should be avoided.