Ever since our last post last year, there has not been a real opportunity to think about going short in the medium term. Six months later, the DJIA has climbed about 10% while the major gauges of volatility stand at historically low levels. Both the VXO and the VIX have the lowest readings in more than 2+ years, but its the support levels that are of interest to us.
The pattern that could be in the works could take the market very low, perhaps it could be the start of another bear market or just the last leg down that many technical strategist have been waiting for since last year.
The graph below is definitely telling us something, and for the first time since last August, it could be a good time to start liquidating long positions.
Good Trading.
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