by Jeff Pierce, Zentrader
Not a bull in sight as the markets struggle to keep the rally alive. With all the sentiment exiting the bullish stance will the market fool all the contributors here? To keep some continuity back on April 1st, Poly and Chris were calling for an 8-10% correction from those levels. Another sentiment change to note is Jeff has been bullish since Jan 4th and has now switched to a bearish stance.
It’ll be interesting to see what happens now that the majority here are lining up with some cautionary/bearish stance. This is what I had hoped to achieve with this sentiment pool to see if we can garner some sort of information when this sort of alignment happens.
Financial Tap - Certainly bearish now looking for weakness over next 8 weeks. But we’re due for a Daily Cycle Low next week, and that should spawn a 3-7 day rally before continuing lower. – Bearish
Liz DeMera - Short term low later this week with upside bias into end of month. Intermediate term very bearish next four to eight weeks. Waiting for longer term indicators to reach extreme conditions as they begun to deteriorate significantly. – Bearish
All About Trends - Neutral opportunistic long and short with a bias to upside over next week or two to test resistance on spx then bearish. – Neutral
Jeff Pierce – With all of my markets I cover on a sell signal I’m moving to the bearish camp after being stubbornly bullish since January 4th. You have to listen to what the market is telling us and I see waning momentum signals all over the place. – Bearish
Karen Starich - We have a lunar eclipse in Scorpio that will make a hard aspect to the Federal Reserve Uranus on April 25th. Uranus rules sudden political changes and in light of the the recent setback to the President’s gun bill we could see a reactionary move in the near term that causes some angst among investors. We could see a sudden pullback that is a buying opportunity as the bullish rally could resume in May. - Neutral
Chris Ebert - Long straddle trading became ridiculously profitable early in March, and is just now beginning to pull back to normal levels. Usually the market corrects about 10% within a month, but it could also correct by moving sideways for the next month or so. – Neutral Bearish.