For now, I think there is a bear/bull battle. Many of the fundamentalists see the market improving, classic TA guys, see overbought, but generally bullish, ratio guys see troubles ahead, and ellioticians are split. So... let's let the market decide. Cash when indecision. The bearish confirmation line in the sand is 138.65, which is the 1st std deviation for 20 day EMA, and for bulls, I would like to see a break above the .618 retracement, which was 143. 

Again VIX:VXV is high and VIX itself is getting jumpy, so even if we declare bullish, it may not be playable. It could mean more waiting, or possibly small quick plays.

Leave a Reply.