The Investors intelligence poll and the p/c ratio are contrarian indicators. Tops occur when more than 60% of newsletter writers are bullish. Bounces occur when the p/c ratio is greater than 1.10. So there is not much fear yet. The VIX, or fear index is at 33.6, elevated but not high compared with levels reached last March or June. When I saw the market down pre-market Wednesday I bought some $SQQQ and rode it up and sold near the close. I sold all else and am now 100% cash and will wait for things to settle down. September is the weakest month for the market and then we have the election. GMI = 4 (of 6) but still Green.
