Soooo ..... how do i feel now?? well... im SURPRISED!! Was not expecting this kind of drop. However, im stirred but not shaken. Markets dont turn from a bullish to bearish trend on a days pivot. This is not the start of a down trend... maybe a start of high volatility trading range, of which then a down trend may develop.... but as of now, all we have here folks is a correction, nothing more. (albeit a sharp one). Im not overly concerned. Its like when your on a plane and theres a sudden drop where your butt is actually off the seat and your stomach is in your throat.... its that kind of thing we have here. But in no way is the captain announcing to prepare for a crash landing. If you must sell....dont do it yet, wait for a 30 to 50 percent retracement up.... then sell and wait on the side lines . I myself may... may take on more consumer staples if market fails to make a new high after quickly (2 - 6 weeks) retracing up to prior peak. It all depends how market behavior presents itself and how fast it is and what the sectors show. Will keep a stiff upper beak! Stay kool and collected folks..... just like Sadem Hussein did when they put the rope on his neck. errr..... hmmmmm not a good example.
================= Like your calls cause they tend to be right; nice %% of time. Put it simple; 50day moving average is/has had a sell signal since2-27-07; ES....... As far as ''bulls proving me wrong''; not likely anytime soon. Its possible , perhaps probable next 4th quarter may see 1500plus /ES . QQQQ tends to rise then also, even in polar bear markets However like i told nickname Buy1sell2,DOW theory say it takes more than a few month to change a main trend , which is still up above 200dma. Good call, cause it was a short term top area AND; actually a medium term top because 50 dma still says sell ES,SPY,QQQQ