Sellers spoke loudly Friday. We’re still bears. Enough said.
The Bull is faltering, unable to sustain the charge. Multiple, yet small, distribution days have built themselves into the analysis over the past couple of weeks. We’ve held an official Seller’s Bias on for a month now. While we haven’t quite seen a formidable retreat, it still holds. It’s not looking pretty for the Bull.
All is quiet on the the VIX front. OEX options traders are complacent. They can stay complacent for weeks. Though, inevitably, this measure of volatility is due to spike in the future, reflecting fear in the market as traders buy puts for security, as the cycle lives on again and again.
I won’t turn all out bearish until the semiconductors breakdown, which obviously isn’t happening as a new high is made here.