What I mean by that title is that my proprietary indicators are telling me that the markets are still in bullish mode, but barely. In fact, I sort of cheated a little on my market timing on Friday and unloaded my longs and bought a small starter position in QID. If the markets turn higher from this little consolidation that I’ll be forced to take a small loss, but judging by the put/call below, the crowd is quite complacent right now. Markets don’t normally spike higher from this type of psychology, but I’ve been plenty wrong in the past.

Just know that the bulls are still in control, but buying new positions on the long side could be very risky. Look below and every time the 10 day average of the put/call hits these low levels, the Nasdaq has a pull back.

cpce

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