'Twas the week before Christmas, and the Elves are in high gear. Angst is pegging the needle, as the Elves like to say, with just one week to go before Mr. Big comes swooshing through with his massive Christmas present vacuum, sucking all the presents (and an occasional Elf) into the bottomless sleigh storage compartment. You do not want to be standing in the wrong place when Santa is in Bull-Mode...
Speaking of Bull-Mode, I knew that when all I can see are blurs of hazy blue images (the "high gear" state of the Elves), it is going to be tough to get the Chief Elf to provide me (and you) with his upcoming week's market predictions. Last week, he was dead-on, so I knew he would be willing to rub it in. I guessed at which blue blur I should attempt to throw a net over and, amazingly, I was able to grab the Chief Elf (it only took me 22 attempts). He had that Rudolf-the-red-nosed-reindeer look in his eyes, but did blurt out the Elf forecast for this coming week.
Here it is: "The Bull-to-Bear ratio for this week is 3-to-1 in favor of the Bears. The red line (Short Sell) continues to moderate its downward trend, which is now only mildly trending away from an oversold condition. The black line (Composite of Short Sell and Long Buy indicators) is holding steady with a very slight bottoming formation. The S&P 500 (green shaded area) is trending lower for the month. The previous warning that the market appeared to be teetering on the edge of moving lower was hopefully heeded. Hedging both long and short positions could be prudent as the market appears to be at an indecisive level that could break either way. The odds are higher that the market moves lower, in that regard."
|Investor Sentiment Forecast
For the Upcoming Week
As I turned him lose, he looked back at me and yelled through the din of unbridled toy-making noises, "Let Sosnoff know that I watched tastytrade last week and that's what he gets for not paying attention to the Elves and Mike Turner!" I had no idea what he meant by that, but in a blur he was gone. Knowing that anytime an Elf offers free advice, one should pay close attention... I decided to pass his comments along. Who or what the heck is a "Sosnoff", anyway??
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