After five weeks of nervousness the markets had some respite last week. We have been wearing our bearish mask for quite a while and the past few weeks have tended to strengthen that outlook. The timing part is something we would not attempt.
Prediction is a pastime in which the foolish flourish. We have had enough of this foolishness on our part. For now it would be better to watch the up move carefully and, if it can last a few sessions, to enjoy the upside.
Technically we have a long way to go before we can call it a bear market, but sometimes we cannot wait for the definite moment and have to form an opinion. We maintain a bearish outlook long term.
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