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I'm bearish. Really bearish. Big surprise, eh? But, honestly, the charts are looking sensational.
The one bullish chart, $SOX, seems to have had its run. And the one risky chart, $TRAN, looks kind of Fib-bound to me, and is approaching (at best) its next resistance level.
I'm pretty excited about where things stand now for the bears. Take that as a contrary signal if you must, but that's what I'm thinking.
There's been chatter in the comments section lamenting the relatively infrequency of my IWM musings, now that OIH and company have pushed it aside. Well, let me throw you guys a bone:
As you can see, the Fibonacci is doing a yeoman's job of keeping the bulls at bay. There was a bit of a violation of this line a number of days ago, but it was swiftly tamped down.
This morning's lame-o consumer sentiment numbers snuffed out an early rally (I'm only typing this 40 minutes into the trading day, so keep that in mind). I suspect the bulls – like Bill Clinton, shown below – may soon be asking themselves, "what am I getting myself into???"
