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I guess I was a little surprised to read our friends in Gainesville declare that the selling was over and that the market was going to make a big push higher before rolling over again. But, hey, if they can be wrong for months on end during 2010, I guess there's nothing to stop them from the same ailment in the other direction. (Of course, if the market falls, one can always……….relabel the waves. Right?)
Allow me to acquaint the uninitiated with what a real base looks like. Here's the Broker/Dealer index from back in 2002, which preceded a sustained, meaningful bull market:
Well, I'm going to "check out" until the close, because I have a lot of charts to examine. I am planning to get more aggressively bearish, and I need to find the right opportunities (presently I am 28% committed with pure short positions). Now that the Spain downgrade came through, things are starting to click in place a bit better (and I imagine equity bulls, thrilled at this morning's job report, are shell-shocked since the Russell is down over 2% as of this writing).