Aiight. I know there are still plenty of those out there that are holding on to their bullish posture. That’s fine. To each his own. But realize this: your bullshit account will continue to get laden with feces from a 12 ton dump truck. Sorry, schmuckface (pardon the expression).
This market is showing some serious signs of a continued breakdown. If the Q2 numbers are worse than the optimistic bulls are expecting, get ready for the fire sale.
The NYSE Bullish Percent Index, a measure of the percentage of stocks that are on PnF buy signals, fell by almost 2% yesterday to the 40% level. Typically, the market shows signs of being oversold at or below the 30% level. I checked the charts and back in 2002, the BPNYSE fell to 24%. I think we are far worse off now, than back then when stupid people brought tech stocks to such lofty levels, only to see them take the elevator to the basement.
The January lows showed the BPNYSE indicator at 16%. This was indicative of being very oversold. February saw the indicator rise up to 40% before the pause in March back down to the 26% level. April and May ended up being decent months, where the indicator got up to 54%.
June is sucking hind titty and here we are back down to 40% on the indicator.
I think we might continue back down from here below the 30% level, at which time I will start to consider the remote possibility of going long.
Stay tuned….
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