Well, I am a very patient bear (in case you didn’t figure that out, since I’ve been slogging it out from 2009-2015), but a very impatient bull. I bought a bunch of longs yesterday, including sizably big positions in XOP, XME, FXI, EEM, and others. They all did great today – – every single one with a profit, and some of the profits quite large. But I looked at this chart………

And there were two very clear things:

(1) I think we can all agree that this is what we call a “downtrend”;

(2) The sensational bump higher today was getting awfully close to filling its gap

So, at the risk of missing out on a ton of bullish profits, I am “pure bear” again – – although LIGHTLY so (way more than half my portfolio is in boring old cash).

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