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My call yesterday was that around the 1311 line in the S&P 500, investors were getting "too bearish". From S&P my call was that investors were "not bearish enough". As the facts and prices change, I do.

This morning I am getting confirmation in as much via the weekly II survey which showed "Bears" shooting up to a new intermediate high reading of 39%, and "Bulls" breaking down to a new intermediate low of 34%. When this spread is negative (more Bears than Bulls) you are best served to NOT be running net short.

I've been covering and buying stocks for the last 36 hours. For a "Trade", luck is on my side so far...
KM

(picture: http://www.courantnie.com/images/bull+bear.jpg)