- Rydex traders finally went aggressively long yesterday, after shunning the rally for the past few days.
- As I mentioned earlier the II survey reached a new extreme.
- The CBOE put/call ratio was very low yesterday for a down day.
- The Citi secondary is still ahead of us.
The First Dip Is Bought
As with every correction in the past few months the first dip lower is being bought. We did not have a top where we went straight down, so this is par for the course. Signs of extreme complacency are abundant: