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Yesterday I said that the Seven Sentinels were suggesting yet another bounce after Monday's sell-off and low and behold we got a bit of a rally. Of course it was an intra-day rally, but it was a rally none-the-less.

So is that it? Probably not. I suspect another pop higher is still in the cards, but the unemployment report is looming later this week, so it's a difficult call to predict what may happen.

Here's today's charts:

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I had anticipated a gap up this morning that would eventually give way to selling pressure as the day wore on. Well, we didn't get a gap up after Friday's bull rout, but we certainly saw some selling pressure as the day wore on. That should tell you something. Namely, that this is now a bear market and gains evaporate quickly and also that this market is getting weaker.

Here's the charts:



Back to the trigger point on NAMO and NYMO. ...

Cash levels rose again last week. Are we too bearish?




Top 50 is showing only about 22% allocation to stocks, with cash levels dipping modestly.




The Total Tracker saw cash levels rise, in this case for the third consecutive week.



The Top 15 appear to be the most bullish of the three ...

Looks good from a distance, but lift the hood and we got problems. At least that's how it looks right now.

So we saw a 1.7% rally today, which appeared to be triggered after Fed Chairman Bernanke indicated that he expects better growth in 2011, and further stated the Fed is ready to use "unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly."

Then treasuries got hammered as the stock market took off.

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I'm going to keep it short tonight. The charts haven't really changed a whole lot, but they still seem to suggest a short term bottom may be near.

But any attempt at a rally is stomped fairly quickly and that's why this is beginning to look like a bear market.

Here's the charts:



Still pointing down here.



Internal strength? Both NAHL and NYHL actually flipped to ...