– Markets were down, net -0.72% in a wild week with 3 way action typically associated with trend reversals. We scooted higher over 1100, cascaded down to 1044, and finished essentially unchanged from last week, with a Bullish Hammer reversal on Friday.
– This wild action probably made 24% of the folks wanting to standing pat this week as NEUTRAL%
– But here is the kicker, BEAR% had declined to the lowest levels since September 2009 and BULL% is sitting at 6 months highs – a mirror image of January Top where BULL% was lowest and BEAR% the highest. Once again, demonstrating the deadliness of the T&C Consensus as an opinion of REAL TRADERS. Will it work this time?