As of an hour ago, 92 issues were breaking out or breaking down so far today. Of that, 82 issues were breaking down. That’s 89% of new “break” patterns. Short term, oversold?
The overall bullish / bearish pattern ratio has fallen from over 5 to 1 last week to even, 1 to 1 as of today. That is not a good development for the bullish camp, so I will be prepared to go short via inverse ETFs if this situation persists. This pullback may be more than I bargained for. No need to fight it. What is, is.
Needless to say, I’ve gotten stopped out of many stocks that have gotten KIA. My cash is now approaching 50%. Still, the bulls are MIA.
Wall Street royalty is going down (again):
And, apparently you folks aren’t eating enough Chinese food, either:
Or, pizza………….
Finally, this development can’t be good for the bulls….
Enjoy the rest of your day. I will be in a planning session, plotting out my next moves. Keeping an eye on further developments on the downside, but not ready to throw in the towel just yet.
That is all. Carry on.
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