This morning, Investors Intelligence reported its weekly bull/bear figures. As you know, I have been screaming for them to move to show too many bears or too few bulls. Last week must have finally done it because the bulls fells to 36.7%, a reading we haven't seen since June 2006 (one month before the summer low). The bears rose to 35.6%.
It's not quite the three weeks in a row of 37.4% we saw in August, but these numbers are enough for me to believe this rally isn't done yet. So for now, stick with the update list's long PowerShares QQQ (QQQQ) and Ultra Dow30 ProShares (DDM) positions.
I'll follow this up with more details in tonight's newsletter.
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