Not A Bullish Bone In My Body
11:38am EDT: Last night some posters as well as one fellow blogger who shall remain unnamed accused me of having ‘turned bullish’ – let me assure you that nothing could be further from the truth. Especially when I see a chart like this:
Note the clearly degrading A/D ratio since September 4th – now, that doesn’t mean we can’t make new highs but this does tell me that we are on the final leg of this bear market rally.
So, unless I see a swing up on this chart today or tomorrow I’m going to hold my puts through the final ramp up – it’s time for the bears to make a stand.
Thus far my little ending diagonal (i.e. wedge) has remained intact – we are at an interesting inflection point here. Should we see the Dollar drop before a little pop then this scenario is out of the window and we’ll most likely push into 76 or below. Which of course would greatly benefit Soylent Blue in equities.