Why 46.6% Worries Me
I will be brief because we have a lot more to think
about than the market today.
So far, the markets are acting fine off the recent low. BUT — and I mean BUT —
the charts are starting to take on the same shape as the rallies out of the July
and October lows. Both of those rallies were straight up. Here we go again.
Maybe this time it is different. Maybe this time we go straight up, make a right
turn and stair-step up for years to come. Doubt it.
These “V”-type moves,
most often, fail miserably. Time will tell. ..and only time will tell.
One other note you need to know. The “wrong-way” crowd…which turned bearish at
the recent lows…after a one week rally…have jumped back into the bullish
camp. In just one week, the percentage of bullish advisors has jumped from 39.8%
to 46.6%. This is worrisome if you are in the bull camp as these bucketheads
never get it right.
Stay safe and say a prayer for our military.Â