Reversal Indicator Looks Optimistic for Stocks
Its been a rough going for stocks this month, and the way things are shaping up, it looks like stocks will probably have its first down month of 2013, and the first in eight months.
If it wants to get back in the Green, it will need to close above 1630 in the next two days. A tall, but not impossible task, but one that I don’t think will happen.
With that said, the SPRI is still on course to give a new BUY signal in the next week. At which point, I would be weary of any heavy short exposure in the market.
I’ve steadily added new long positions to my portfolio since Monday, and expect to hold them for the next week or so at least if all goes according to plan.
Long Exposure: 70% currently.
Here’s the SharePlanner Reversal Indicator.
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