NAAIM got bullish on Thursday, and after some weakness early on Friday, the market gradually turned around and rallied into close. I said that since NAAIM turned off their shorts, the bottom may not be far off. I'm not ready to declare a bottom, but we just might have one.
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The OEX got bullish for Monday, while the CBOE is neutral. TSP Talk came in neutral, which means we aren't as bullish as we've been (for months). We aren't all beared up either, which would have helped the bullish case even more.
This technical signals are a mixed bag overall. My intermediate term system is negative, but a day or 2 of upside could flip it back to positive. Breadth turned back up, but not enough to go positive; though it's not far from it. Small caps are outperforming, which is bullish in a recovering economy (I just wish it would be more consistent).
Next week will be interesting. I am not sure what to expect, but if the smart money is bullish then we should be too. I remain long TNA, SPXL and the C, S, and I funds.
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