After nailing the 1375 level I was looking for since the breakout @ 1335 we've seen a nice healthy pullback? or is it going to mark a top? either way, to me it doesn't matter...we are clearly in the midst of a longer term topping process...the bearish side of the ledger has 3 glaringly obvious things going for it. 1) Euro making new lows 2) 10-yr treasury making new lows in yields and 3) very poor breadth and internal strength in the market during this rally off the lows....those 3 things have been an extraordinary tell for the overall market and will continue to work until they don't...Italy and Spain are right back at there lows from May while the US indicees are up over 7% from their respective lows...many individual stocks are carving out tremendously long-term bearish patterns, while there are many making intermediate term strong bullish looking charts...continues to be a tale of "Have's" and "Have Nots"...don't fight it...I continue to short ugly stocks and get long bullish looking charts...its working and will continue to work until the wheels eventually fall off this market...
I sold my 2x long position in DECK this morning as I sense a big part of the move is complete...sold @ $48.34 from my two purchases average price of $44.34....
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