The New York Stock Exchange Bullish Percent indicator flashed "Bear Confirmed" on January 27. Last June it did the same thing, but the signal was false. Last time I took the signal and got out of the market. This time I'm wondering if this may be a 'normal' correction and I should wait it out.
Last June the VIX moved up near 22, which is relatively low in terms of a fear reading. Today it is reading close to 21, so the number is comparable. Last June the VIX peaked and then fell back to 12 while the market rallied. A peak in the VIX is a short-term buy signal. I am watching carefully to see which it is this time. That's why they pay me the big bucks.
