I am activating a preliminary BOT Short signal at 1342 on the premise that possibly the market will not be able to exceed the July 7, 2011 swing high. If it does obviously this signal will be wrong.
I am using the verbage ‘preliminary’ simply to indicate that I am getting ready for the real BOT short signal and want to take a chance now that this could be it, but am not at a full confidence level on the signal yet.
This signal will very quickly become invalid on a break above 1347 and then 1357 on the sp500.
I am also using this preliminary signal to avoid having to issue a BOT short signal intraday when and if the market is already 300 points down…
There seems to be no fear in the market. Too much bearishness right now for the markets to fall sharply. If anything, looks like consolidation for a push higher, most likely when/if a debt deal is passed. Obviously things can change by the end of the week.
I agree there is not enough fear.. Too much complacency and careless wavering around.. I agree… Reality may be about to come into the eyes of many soon…