Alright, so the bulls managed to deny me of my bearish prediction today with a marginal green close...this is why you should NEVER listen to a word a say! Notice how the weak market action I pointed out early on changed to the point where tech went from lagging to slightly outpreforming the SPX and emerging markets went from badly lagging to just about market preform by the end of the day. Usually you don't see such intraday flips like this but they can and will happen. Also, I noticed the put/call ratio firmed up quite a bit by miday showing that bears were pressing and then after the squeeze it went back down again.
Also notable was the surge in gold to a new all time high thanks to the purchase of 200 tons by the Indian Central bank. So much for my bearish bent on gold stocks huh? You see, nobody and I mean nobody is immune to the motto of this blog. Sonner or later the market will make a fool out of you. Ok, I'm being hard on myself and the above was tounge in cheek. Predicting markets is hard enough and I know full well that making predictions on the day to day wiggles of the market is especially tough because the shorter the time frame the more randomness will play a factor in reducing predictive capability.
Ok, on to the good stuff...2 out of the 3 rydex measures I track are flashing a strong buy signal tonight! I will find out if the 3rd and most important one is also confirming tommorow morning.
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