At the end of last month, I did a despairing post called Totally Bullish, which hopefully for the wiser of you took as one of the greatest short-sale signals in human history. My post was sincere, however. I saw virtually no reason left anymore to be short anything. The charts were just too goddamned strong.
What a difference a few weeks has made. The Dow Industrials, one of the clearly strongest of all the markets, has puked all over itself. It topped out (pink tint), smashed through its former breakout level, and is now stuck beneath it. It seems that reality has finally, FINALLY, leaked into the brain-dead investing public and allowed some selling to take place, and as a chartist, I am just thrilled that these bullish setups have virtually all encountered their own ruination.
