At the tipping point…

090604spxIn case you were unaware the market is at the very tipping point.  The penetration of the 200 day moving average is traditionally, in bear markets, a bull trap.  The rally is getting a little long in the tooth.  Additionally price is right on the neckline — a perfect place to turn back.  And, according to Karnak’s crystal ball the next few days should see increased volatility.  Maybe a lot of volatility.  Powerful down bars would put us short again, and we think it is imperative that investors have some shorts in their portfolios at this moment.

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