Cracks Emerging In The Bear Case

If the market is ready to rebound and move higher there will be plenty of opportunities to get long this market. I wouldn’t be too quick to initiate new long positions until the market proves that it’s safe to get back in the market.

I remain short and thankful that I took profits near the lows on some of my positions last week. If we gap up tomorrow I’ll look to add to those shorts on the SPY, QQQQ, DIA as long as my timing system remains negative.

If I were seeing more bullish setups I may consider moving to the sidelines, content with the profits I’ve taken on my short, but there just aren’t many setups at this point.

The market is designed to fool the most amount of people at any given time, and I see more bulls than bears right now.


Finally, for such a bullish day, only 68% of todays volume registered on the upside. This number should be a lot higher if one is to read into market accumulation.


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