Tops Before the Drops

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Over the past couple of days, I have tiptoed back from battered bear to somewhat more aggressively short. I began the week about 115% committed and now am at about 170%. Not full-blown snarling and blood dripping from teeth, but at least not rocking back and forth in a corner.

One warning sign that merits at least a little caution is the clear bullish breakout from the emerging markets:

Emerging Markets

Setting this aside, just about every important ETF I am tracking is shrieking “Short Me.” Regardez Vous:

MSCI
Canada
Mexico
Triple-bullish Financials
Dow Transports
Regional Banks
Mid-Caps
NASDAQ 100
S&P 500. Duh.
Homebuilders