Change of Direction

The market looks like it may be at a short-term top. Our market timing tool (MTT) has changed directions to the downside. It was a very slight move down so we're looking for a stronger follow through today to confirm the trend.

I bought SOXS during the day yesterday. We'll watch the MTT at the close today and let it tell us what we need to do.

I would have liked to see the MTT get a little higher. Once it reaches the high 160's or low 170's it almost always means we've reached a top and a pullback is in order. That can still happen in the low 160's but it leaves some doubt that we can be in flux. I'll expand on this more at a later time.