A diary of the thought process behind my investment decisions
Investors Intelligence Bears
The Investors Intelligence bears have fallen below 20% to 19.1%. I have found over the years that the bears being below 20% is the most important aspect of the indicator when looking for a top. The level of bulls is less important. We have been hovering very slightly above 20% for weeks and there is nothing magical about the round number 20% but this raises my conviction level ever so slightly that there is trouble ahead. I am contemplating getting a little more aggressive if we rally through the end of the day.