Ever since a famous financial web site proclaimed "summer fun is here" in early August, we have been steadily selling. Fun indeed, but only for those of us who took that statement as a cue to go short. All that excessive bullish sentiment I warned about for weeks is now contributing to a decline that will not end until bulls throw in the towel. With 22.5% bearish advisors and 57.3% bullish advisors, it could take a while. Optimism in the face of deteriorating technicals is not a recipe for putting in bottoms. Expect more selling.
This entry was posted
on Thursday, August 18, 2005 at 8:40 PM.
