Better Odds

This weekend I read numerous articles calling for a breakout in the stock market. In addition to my indicators flashing caution this was yet another canary in the coalmine I chose to ignore. Today we are seeing a CBOE equity only reading above 1.00 (a lot of put buying) which is generally bullish and it seems many bulls have given up. This is not the type of negativity we saw during Thanksgiving but I believe it is a short term positive for the bulls. I believe the odds continue to favor the bulls in the very short term.

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