Bearish Sentiment

UPDATE 2:11pm EST: I just checked my ISEE chart and for the first time in the past few days there’s little discrepancy:

Negative sentiment across the board – in securities as a whole and equities/ETFs. Frankly, this is starting to look like bottom numbers to me. If we could just make it to 650 – nobody’s buying those little MM engendered whipsaws anyway.

Sitting and watching at this point. Oh, and I’m planning to grab some GLD puts by the close probably – especially if we keep dropping in equities (please!!!).

UPDATE 3:13pm EST: Boy, that is some evil tape:

Seriously though – we are nearing the 660 area and the momentum has gone completely flat. This is one of the stranger tapes I’ve seen lately. On top of that weird rumors are now circulating in the pits – I think this might be fear driven but you might want to lighten your exposure during the weekend. Not much else to say until we make those lows I want to see, which remains 660 at minimum – 650 would make me happy.

UPDATE 3:35pm EST: Right at 3:30 the buyers showed up – LOL – I told you guys the market was being walked down. Now let’s see if this one sticks.

UPDATE 3:39pm EST: Meh – still no meat in this move. I got seduced by those long candles but so far no follow through. I’m mentally checked out at this point – wake me up when the ES touches its VWAP.

UPDATE 3:46pm EST: Okay, now they’ve got my attention. We just touched VWAP on the ES and breached it on the NQ.

First breach of the channel center line for today. We are now pulling back hard – could be just a stop sweep or it all falls apart right here. If this one fails I think we’re going to drop hard into the close. Make or break time for the bulls.