Pushmi-Pullyu

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Well, the market presents a mixed bag – – some major indexes look bullish (which explains why I finally relented by actually BUYING some stocks, which is probably a huge short signal in itself) and others look bearish. Let's take a look at them, in bullish/bearish order:

The NASDAQ Composite pushed above its long-term resistance line late last week, and it's been inching higher ever since. This chart is bullish, period.

0207-bullishCOMPQ

The Dow Jones Industrial Average (the Dow 30) likewise beat its "bin Laden high" from last May 2nd.

0207-bullishINDU

The Apple-powered NASDAQ 100 has been on a huge tear since Thanksgiving, and, as with the broader Composite, is straight-up bullish.

0207-bullishNDX

The strongest argument for the bearish case (which could be badly damaged by a single "good" headline at any moment) is the EUR/USD.

0207-bearishEURO

It turn, the $HUI Gold Bugs Index is poised for a beautiful fall (provided it stays under that centerline).

0207-bearishHUI

The Russell 2000 is right up against resistance, and this is a point where it could easily slip back to the high 700s.

0207-bearishRUSSELL

The Broker/Dealer Index, $XBD, may have double-topped.

0207-bearishXBD

Lastly, the NYSE Summation is a screaming sell right now. Look how it's configured compared to Spring 2010, shown on the left, just before its big tumble.

0207-bearishSUMMATION

So your guess is as good as mine at this point. At this moment, I'm 50% in cash, and of the 50% in equity positions, 25% is long and 75% is short. It's pretty much all about the Euro at this point, folks. We are all FOREX traders.

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