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Tuesday, February 8, 2011
Betting on a correction…
Over the past 2-weeks the %-bulls indicator has dropped from 59% to today’s reading of 40%.This is telling us that more people are shorting the market - betting it will go down.The more people bet on the correction, the less likely it is to happen. 40% is a reasonably low number and that is bullish for the market.
On the other hand we have seen a lot of small moves to the upside in S&P price and that indicates this rally is slowing down.There is always something to worry about.As always we’ll have to wait and see.