Flashing Yellow Light

The market's made a pretty nice move this week. But some indicators are turning yellow for a near term correction. The Jobs # may do it tomorrow that's why I put on some hedges into the close. I bought some OEX puts and DOG (short Dow ETF). The put/call ratio is saying be careful here and this isn't the greatest level to start loading up. The mutual fund guys are scared to death that the market's going to run away from them. Most of those clowns don't look at this kind of stuff anyway - they prefer making guesses about how a business is going to perform in the future. If we've learned anything, it's  that you do not want to align yourself w/ those turkeys. Believe me - you know more than they do. They just talk a good game and are great at skimming off the top so they can live the lifestyle that they haven't earned on merit. Just look at their recent performance. Nygren, Miller, Prenza, Hawkins, Magellan Fund, American Funds, Chris Davis -- those guys suck!!

This market has fallen so much as I said last time there will be plenty of time to get in on your terms. There is no need to chase this thing like you are missing something. The upswing has been sharp and violent and so have the down swings. That should continue. 

The 5d weekly ROC is at a very high level suggesting that we've come a bit too far too fast. The SPX weekly is also bumping up against its 17 wk ema. The 17 week, for whatever reason, works well w/ the weekly charts. 

It might be time for a breather.