Another Beijing Bears' Ceasefire?

Just a quick afternoon note that the 2008 Olympics were also held in Beijing, China. Those were the summer games, of course, in August (from the 8th to the 24th, to be precise).

And coming up this Friday we have the winter games in the prominent, sprawling Chinese city, from the 4th through the 20th. 

One point to recall is that despite how rough and tumble 2008 was to trade through (believe me, I remember it vividly), there seemed to be almost a bit of a ceasefire from bears in August of that year. True, it could just as easily have been complacent Wall Street types off in the Hamptons, oblivious to the coming disaster we would see that autumn.

But the Olympics, as the world became acclimated with Michael Phelps and arguably the greatest relay in Olympic history, may have played a small part in the ceasefire. I am curious to see, if bears fail to immediately unwind the recent bounce, if we get a similar type of sideways/bounce action during the Olympics which, incidentally, takes us through the President's Day holiday on Monday, February 21st. 

In other words, while I am not too fond of this rally I also want to be precise with putting on shorts and not being too aggressive, too soon. Let's see bears back up their growling with some actual rollovers first, especially before the Opening Ceremony.