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Wednesday, February 22, 2012

Bears Finally See Some Potential for a Break

It may be almost time for the bears to get some break.

  • Sentiment spread was nearly 30 (though today's it's back down to 25)
  • We've touched the SPY 137 target; many should take profit
  • AAPL has shown weakness and may be attempting a double top
  • Transport has broken down and other indexes likely to follow
  • The Greece's recurring bailout news is getting old; market may have priced to perfection
  • Buydontdhold.com issued a sell signal this week, ending its 2 month buy signal
  • Dr. Fly is 95% cash
  • The proprietary leading (PI) indicator has not changed it's bearish stance
What I really like to see is $BPCOMPQ to cross down on its 10 day MA.  That would be my all clear signal for the bears.  It'd be best for both bulls and bears if SPY can retrace 23.6% to the 133.00-133.50 area, and then restest the 137 top.

Update: Had to wait until market close to get the updated daily chart of $BPCOMPQ.  It's on the verge of crossing down, but not quite...

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