Wall Street Bears Still in Control

The bulls feasted last week but I think the Wall Street bears are going to have the last laugh. Using the RSI we can see we’re clearly entrenched in a bear market and  until that changes I wouldn’t put on too many long trades. With that being said my market system is approaching a possible bullish cross if we have a few more positive closes, but the pressure is really on the bulls to prove that this rally has any legs.

I’ve trimmed most of my long positions because the odds favor a fade here, however if my system goes bullish this week, I’ll jump back into some long ETF’s. I’m not home right now and I have some potential bearish stocks that I’ll try and tweet when I get home.  ANF is one off the top of my head.