Momentum of the CBOE Put/Call ratio has decidedly taken a turn for the worst. This is seen above in the bottom panel. Odds are, then, the market will be under pressure over coming days.
It might be summer in Florida right now, but it most certainly is not in New York! Trapped and bankrupt weak hands working its Goebbels machine will likely need mark down this garbage considerably more before blind empiricists like Birinyi belly up to the bar for a larger helping of their imminent beating. "Imminent" as in sometime during 2013.
What's still unclear is whether a 4th wave of 5 waves up from mid-November 2012 continues developing off the 3rd wave's mid-February 2013 peak, or if the 5th wave of these 5 waves up from mid-November 2012 currently is in the midst of unfolding off February 26th bottom. That said, the CBOE Put/Call ratio suggests that, over the near-term the market is likely to come under pressure. Hopefully we will get a clearer sense of the Elliott wave count as a result of weakness evidently on the verge of developing.
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